equipment – PressAP

ACN Newswire

Singapore-based Semiconductor Equipment and Materials Specialist Rokko Marks 30 Years of R&D Breakthroughs, Focus on Quality & Reliable Technical Support

December 13, 2022

SINGAPORE, Dec 13, 2022 - (ACN Newswire via SEAPRWire.com) - Rokko Holdings Ltd ("Rokko") has marked its 30th anniversary as a proven specialist in the global semiconductor industry, having overcome successive challenges and business cycles through its commitment to innovation and R&D, with a focus on quality and strong technical support at the core of its corporate culture.Rokko's Founder and Managing Director Mr Gary LimWith over 89 patents granted related to its semiconductor equipment and advanced material divisions, Rokko has remained nimble while forging industry leadership in providing advanced materials support as well as high-precision equipment for the back end (assembly, testing and packaging services) of the industry.Headquartered in Singapore, it has benefited from the country's predictable industrial policy and robust legal framework that protects Intellectual Property. Fortuitously, the Singapore domicile has also allowed Rokko to navigate recent challenges of the U.S.-China 'tech war' that have impacted the semiconductor industry in particular.Rokko has a substantial customer base in China and Taiwan which accounts for over half of its annual revenue for the past few years. The balance is derived from the ASEAN region which has generally avoided geopolitical tensions affecting the chip sector.Rokko's Founder and Managing Director Mr Gary Lim said, "As 2022 draws to an end, we mark a major milestone in our history as a Singapore enterprise. Our management team has remained resolute in innovating constantly to stay ahead of the curve. This spirit has helped us to overcome many downturns in industry cycles, and in riding out the recent challenges of the pandemic."According to market research by Gartner, the global semiconductor industry is estimated to achieve global revenue of USD612 billion in 2022. With many industry experts expecting the revenue to rise to USD1.0 trillion by 2030, the sector - and Rokko's prospects - remain bright.Rokko was established in 1992 by Mr Lim, with an initial 12 employees. It has grown to a team of 250 that includes a pool of talented engineers, operating from 2 facilities in Singapore (including the corporate headquarters) and another 2 manufacturing facilities in Johor state, Malaysia.The company is renowned for its proprietary back-end semiconductor high-precision equipment such as dual-track Auto Sawing and Sorting systems and Auto Vision Inspection (AVI) systems - which are sought after for their high productivity, reliability and quality.These and other breakthrough equipment and tooling designs developed by Rokko's exceptional R&D team have set new industry standards. Customers using Rokko's products and solutions have been able to halve their capital expenditure for the complex singulation process of back-end semiconductor packaging and assembly in recent years.In its second area of semiconductor expertise - advanced materials for semiconductor packaging - Rokko has successfully developed a complex IC leadframe design with an extremely fine line etching process to meet customers' advanced packaging standards.Rokko's major customers now include the world's top-ranking Outsourced Semiconductor Assembly and Testing (OSAT) players as well as MNCs involved in advanced packaging materials. This successful record has helped Rokko to achieve a critical competitive advantage in volume production after substantial investments in R&D and capacity expansion in recent years.With a strong commitment to sustainability, the company's environmentally conscious investments include a certified 'Class A' wastewater management system at its facility in Malaysia.Rokko's products are also certified for the automobile industry's quality standard - IATF16949 - and are also accredited with the ISO14000 environmental compliance standard.About Rokko Holdings Ltd. Established in 1992, Rokko Holdings Ltd. ("Rokko") and its subsidiaries (the "Group") provide precision engineering services to well-established customers in the semiconductor and electronics industries. The Group has operations in 4 locations in Singapore and Malaysia, with a combined staff strength of 250. Rokko has been granted 89 patents to date. Its strong emphasis on R&D, backed by a team of talented engineers, has allowed the Company to thrive despite intense competition, and economic and industry cycles. Rokko is renowned for breakthrough technology and deep commitment to quality and customer support dedicated to the back-end Semiconductor Assembly and Testing sector. Its products include complex IC leadframe design as well as high-precision tooling and equipment under ROKKO trademarks.Rokko Holdings Ltd. Tel: +65 6749 5885; Fax: +65 6747 5979Email: sales@rokko.netWebsite: www.rokko.net Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

ACN Newswire

Tat Hong Equipment Service Co., Ltd. Announces 2022/23 Interim Results

November 26, 2022

HONG KONG, Nov 25, 2022 - (ACN Newswire via SEAPRWire.com) - Tat Hong Equipment Service Co., Ltd. ("Tat Hong" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its interim results for the six months ended 30 September 2022 (the "Period").During the Period, the Group recorded revenue of approximately RMB 387.4 million, representing a decrease of approximately 6.8% as compared with that for the six months ended 30 September 2021. Loss attributable to equity shareholders of the Company for the period amounted to approximately RMB 41.9 million, mainly due to the one-off currency exchange loss on USD borrowings and the economic downturn caused by the COVID-19 pandemic (the "Pandemic"). The overall gross profit and gross profit margin decreased to RMB75.5 million and 19.5%, respectively. The Group's total Tonne Metres (TM) in use increased from approximately 1,479,145 for the period ended 30 September 2021 to 1,577,983 for the period ended 30 September 2022. As at 30 September 2022, the Group had 292 projects in progress with a total outstanding contract value of approximately RMB 605 million and 37 projects on hand with a total expected contract value of approximately RMB 68 million. Of these projects, the Group expects to complete contract work of approximately RMB 348 million by the end of 30 September 2023, demonstrating solid earnings visibility. Despite the gradual recovery in major economies and the surge in vaccination and immunity rates, the Pandemic has put pressure on every component of the Group's industry value chain. To contain the spread of the Pandemic throughout the country, numerous cities have adopted anti-pandemic measures, such as persistent or intermittent lockdowns, and certain projects were temporarily suspended on account of these measures. From April to June 2022, the Group's economic activities in eastern China were affected to a certain extent. In the meantime, against the backdrop of interest hikes by the US Fed and global inflation, economies around the world have encountered significant instability and pressure in the first half of the year. As the external environment remains volatile, the Group strives to adjust its operational strategy, optimise its management structure, and make timely and appropriate decisions in a bid to mitigate the risks brought by the Pandemic. Mr. Sean Yau, CEO of Tat Hong Equipment Service Co., Ltd. said, "After years of the lingering Pandemic, the market remains sluggish and real estate has been severely impacted. Fortunately, the Group has optimised its business structure by placing a greater emphasis on the other business segments, reducing the real estate to approximately 30% of total revenue, which will mitigate the negative impact of the industry's downturn. In the meantime, we will shift our focus to the energy, infrastructure and public construction segments.""With the continuous introduction of favourable policies and the development direction of the 14th Five Year Plan, which includes initiatives centred on 'new infrastructure, new urbanisation and major projects' and the aim of carbon neutrality, we believe that there are unexpected opportunities emerging in the (energy) infrastructure market. With our strong reputation and expertise, we are confident about the Group's prospects."Mr. Roland Ng, Chairman of Tat Hong Equipment Service Co., Ltd. concluded, "Going forward, we will use the Pandemic as an opportunity to stimulate and accelerate transformation, to accelerate the adoption and improvement of the digital platform 'iSmartCon', so as to further optimise the management of various stages of the production process. Moreover, we will focus on analysing the impact of the Pandemic on each business sector and project, reviewing and modifying strategic plans, and communicating updates with all stakeholders including suppliers, clients and employees. The Group will continue its efforts in meeting the increasing customer demands for prefabricated construction using medium and large size tower cranes, and to establish a standardised post-market service eco-system for tower cranes, with the aim of providing a sustainable foundation for a green, safe and environmentally friendly tower crane service industry value chain, while adhering to the proper safety standards and PRC prevention and control policies."About Tat Hong Equipment Service Co., Ltd. (Stock Code: 2153)Tat Hong Equipment Service Co., Ltd. is the first foreign-owned tower crane service provider established in the PRC. Since 2007, the Group has established as a tower crane service provider for one-stop tower crane solution services from consultation, technical design, commissioning, construction to after-sales services primarily to Chinese Special-tier and Tier-1 EPC contractors. Guided by its core values, "Virtue, Safety and Excellence", the Group has successfully established its market position and maintained stable, reputable and loyal customer base in the construction industry in the PRC. Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

ACN Newswire

InvesTech Holdings Launches Virsical MetaFM, an Integrated Operations and Management Solution for Corporate Equipment and Facilities

November 11, 2022

HONG KONG, Nov 11, 2022 - (ACN Newswire via SEAPRWire.com) - InvesTech Holdings Limited ("InvesTech Holdings"; together with its subsidiaries, "the Group"; stock code: 1087.HK), a leading integrated smart-IT solutions provider in China, is pleased to announce that Wafer Systems Limited ("Wafer Systems"), a subsidiary of the Group that owns the flagship smart-office software product Virsical, recently launched Virsical MetaFM ("MetaFM"), an integrated operations and management solution for corporate equipment and facilities in commercial real estates and smart buildings. MetaFM outperforms traditional management models and empowers the digital transformation of building operations, maintenance and management.Developed by Wafer Systems, MetaFM is a smart operations management system which is based on the operation, maintenance and management of equipment and facilities in buildings. With input from business interactions and feedback from clients, Wafer Systems has carried out an iterative programme of upgrades to the system. Serving operational goals in areas including security, environmental cleaning and customer service, the system helps optimise the operation, maintenance and management of facilities throughout the full life cycle of buildings. MetaFM offers comprehensive functions, including modules to handle assets and equipment, service centres, order management, preventive maintenance and management, patrol management, inventory management, supplier management, contract management, energy and data management, safe production and emergency planning. As a newly launched smart facility management platform, MetaFM has appealing characteristics, namely comprehensive functional modules, flexible applications, well-established templates, user-friendly interfaces, and a well-designed overall structure, optimising facility management practices. As a solution specifically designed for the operations and maintenance of buildings and properties, MetaFM adopts Wafer Systems' original platform structure while permitting development in new directions for building space management. Leveraging its powerful back-end self-configuration function, the system helps building operators to make accurate decisions on project operations, maintenance and management. The system also significantly reduces facility operations and maintenance costs, lowers potential risks relating to equipment operations, increases transparency in facility management, and maximises the efficiency of facility operations and maintenance. MetaFM can be applied in a diverse range of scenarios, providing a comprehensive smart space management solution for commercial properties, campuses and corporate offices. MetaSpace, as a platform empowered by spatial digital twins, mainly facilitates information technology/operational technology (IT/OT) integration. MetaWork, an application platform specifically designed for enterprise digital administrative tasks, mainly supports enterprise employees and visitors, and serves administrative management functions. MetaView, a platform that features visualisation and analysis tools for enterprise digital data, serves as an enterprise management control panel and interactive screen. MetaSpace, MetaWork and MetaView complement one another in terms of functionality, forming a complete loop to provide high-quality, one-stop services for enterprises.Mr. Ringo Chan, Chairman of InvesTech Holdings, said: "Equipment and facilities play a notably important role in enterprises' production processes and business operations, making the management of equipment and facilities one of the most important aspects of enterprise management. With immense experience in the smart-office sector and experience of serving numerous Fortune 500 clients, we notice that companies are faced with problems in such areas as asset management, operating costs and procedure management. We therefore hope that our newly launched MetaFM can help enterprises overcome different challenges in the operation, maintenance and management of equipment and facilities. Leveraging the most advanced solutions, we have set a new industry standard for facility management, providing more customers with convenient smart-office space and improving overall operations management standards and work efficiency.""The Group has successfully launched the Meta series of smart-building management solutions, which can be deployed in a wide range of scenarios, providing powerful, comprehensive solutions that support enterprises in fields including employee health, user experience, collaborative efficiency, low-carbon and energy-saving operations, corporate sustainability, and environmental, social and governance (ESG) practices. Further, the Group has developed close strategic partnerships with ecosystem partners in the industry, which are leading cloud service and network providers such as Microsoft, Lark, Huawei and Cisco. Looking ahead, leveraging our strong product ecosystem alongside our research and development capabilities, we will continue to develop and optimise solutions to offer our customers one-stop smart-space solutions and facilitate enterprises' digital transformation," Mr. Chan said. About InvesTech Holdings LimitedInvesTech Holdings Limited (stock code: 1087.HK) was listed on the main board of the Hong Kong Stock Exchange in 2010. As a leading integrated smart IT solutions provider with more than 30 years of experience in the IT industry, the Group is engaged principally in IT infrastructure systems integration and the smart-office software solutions businesses. The Group has a strong presence in China, with more than 10 offices nationwide and a research and development centre in Xi'an.Website: http://www.investech-holdings.com/ Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

JCN Newswire

Fujitsu conducts private 5G field trials to deliver robust operation automation for data centers

November 4, 2022

TOKYO, Nov 4, 2022 - (JCN Newswire via SEAPRWire.com) - Fujitsu Limited today will embark on a series of field trials together with Fujitsu Research Institute Limited at its Yokohama Data Center, aiming to promote the digital transformation of data centers, boosting operational resilience and process automation by utilizing private 5G network technology for equipment inspection. This verification trial, which will run from December 1, 2022 until March 17, 2023, was selected by Japan's Ministry of Internal Affairs and Communications as one of its "Development Demonstrations Aimed at Achieving Challenge-Solving Local 5G in Fiscal 2022."Fujitsu Yokohama Data CenterImage: Patrol monitoring of equipment by a robotImage: Remote assistance for recovery work in the event of a disaster or other emergenciesThe trial will involve the use of a robot equipped with a 4K camera to capture video data of equipment at the data center, including servers. This data will be transmitted locally by private 5G and a system will be established to analyze on-site conditions with AI to detect any abnormalities at an early stage. Fujitsu aims to create a system that can support the monitoring of conditions on the ground and recovery work even from a remote location in the event of a disaster or emergency by taking full advantage of the high-speed transmission capabilities of private 5G technology.Robust disaster management for resilient data centers to support digital societyAs the digitization of society accelerates and the amount of data distributed rapidly increases, data centers that store and process vast amounts of data are positioned as part of the core infrastructure that supports the digital society of the 21st Century. Highlighting this growing significance, the Japanese government's vision for a "Digital Garden City Nation" calls for the establishment of regional data center facilities with an eye to reducing the risk posed by disasters and other vulnerabilities resulting from the centralization of data centers. As the importance of regional data centers continues to grow, their number is expected to increase rapidly in the future.The key to stable data center operations is high quality maintenance and inspection and rapid recovery in the event of a disaster or other emergency. However, the decrease in the working population and difficulties in securing talent, remains a challenge in many parts of Japan, and this shortage is especially acute in rural areas. Maintaining and improving inspection quality with a limited number of personnel and reducing workload represent an urgent issue for data center operators.Trial OutlineFujitsu will build a private 5G environment at its data center in Yokohama City, Kanagawa Prefecture, and verify the effectiveness of autonomous robots equipped with 4K cameras for patrolling equipment and facilities, make early detection of abnormalities, and offer remote support for field workers in the event of a failure.1. LocationFujitsu Yokohama Data Center, Yokohama City, Kanagawa Prefecture, Japan 2. Trial PeriodDecember 1, 2022 - March 17, 20233. Trial Overviewa. Study on creation/implementation of private 5G utilization model (Challenge Trial) A robot equipped with a 4K camera performs unmanned patrol monitoring to detect abnormalities in the operating status of server equipment (LED lamp lighting status) and promptly notifies the operator via the private 5G network in the event of any abnormality. - Remote support for system recovery work through video and audio transmission using private 5G- Detection and blocking of unauthorized communications in data centers handling highly sensitive datab. Technical study on radio wave propagation characteristics of private 5G (technical demonstration) A flexible area construction method utilizing a DAS antenna (1) will be used to construct a private 5G area network in a server room with a low ceiling and many tall barriers, and in an electric room with high-voltage cables laid on the ceiling and the effects of radio wave propagation will be measured.- Radio Propagation Measurement and Performance Evaluation (4.8 ~ 4.9 GHz band indoor)- By refining the calculation formula parameters specified in the area calculation method specified in the current Radio Law related examination standards, contributing to the efficiency of area design in the development to other sites4. Divison of rolesFujitsu Limited：Development and demonstration system construction, demonstration evaluation, and consideration Fujitsu Research Institute Limited：Project promotion support and planning support for future horizontal developmentFujitsu plans to utilize the knowledge gained from this trial to implement similar systems in its own data centers, and by providing the results of its efforts as a solution to other data center operators, contribute to the development of resilient social infrastructure that supports the Japanese government's vision for a Digital Garden City Nation.(1) DAS:Distributed Antenna System. System for expanding communication area by distributing radio waves received from base stationAbout FujitsuFujitsu's purpose is to make the world more sustainable by building trust in society through innovation. As the digital transformation partner of choice for customers in over 100 countries, our 124,000 employees work to resolve some of the greatest challenges facing humanity. Our range of services and solutions draw on five key technologies: Computing, Networks, AI, Data & Security, and Converging Technologies, which we bring together to deliver sustainability transformation. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.6 trillion yen (US$32 billion) for the fiscal year ended March 31, 2022 and remains the top digital services company in Japan by market share. Find out more: www.fujitsu.com. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)

ACN Newswire

JE Cleantech Secures More Than US$700,000 in New Orders During the First Half of 2022, Expands Capabilities into Tech Hardware

July 14, 2022

SINGAPORE, Jul 14, 2022 - (ACN Newswire via SEAPRWire.com) - JE Cleantech Holdings Limited (Nasdaq: JCSE), (the "Company"), a Cayman Islands company whose group operations are based in Singapore, today announced the receipt of a new order by its subsidiary, JCS-Echigo Pte Ltd, from a major customer in Singapore. Under this new order, the group will design, develop and manufacture a new precision cleaning system under the customer's specified requirements. The new order is valued at approximately US$700,000 and represents an expansion of JE Cleantech Holding's presence in the tech hardware industry. The new customer designs and manufactures sensor products. The new customer is part of the international group that serves clients worldwide. With the new precision cleaning system by JCSE, the new customer will be able to deliver better services to its customers.JE Cleantech Holdings has experience in manufacturing precision cleaning systems for a wide range of sectors - past orders include cleaning and equipment manufacturing for hard disk drives, semiconductors, biomedical, food and beverage, and industrial electronics companies. As a leading homegrown industrial manufacturer with a long and proven track record, the entry into this new sector demonstrates JE Cleantech's ability to apply its expertise to different sectors to scale and support its growth.The precision-cleaning equipment manufacturing market in Singapore is estimated to reach an estimated S$143.0 million by 2025, marking a CAGR of 9.0 percent over the forecasted period. It also reflects an optimistic market outlook for the precision cleaning industry. The group also provides cleaning equipment and centralized washing services for food courts, hawker centers, restaurants, cookhouses, eldercare homes, and an inflight catering service provider. The Company has also maintained a healthy balance sheet through the height of the pandemic, the new partnership is the first step in a strong recovery for Singapore's industrial sector and positive prospects for the years to come. In the near term, JE Cleantech intends to double production capacity. The Company is looking to further expand its product portfolio and increase the size of its R&D and engineering team. Longer-term, the Company aims to become the preferred choice for all industrial precision cleaning needs in Singapore.About JE Cleantech Holdings LimitedJE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services, through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. http://www.jecleantech.sg/For Media Enquiries and Investor Relations, please contact:jcse@preciouscomms.com Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)

JCN Newswire

MHI Delivers Testing Equipment for Safety Demonstration of Nuclear Fusion Blankets for ITER in Southern France

July 6, 2022

TOKYO, Jul 6, 2022 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Heavy Industries, Ltd. (MHI) has completed delivery of testing equipment to the Rokkasho Fusion Institute in Aomori Prefecture, part of Japan's National Institutes for Quantum Science and Technology (QST), to confirm and demonstrate the safety of the "blanket," a core component of a nuclear fusion reactor. The blanket system being developed at this research center will be used as Japan's Test Blanket Module (TBM) for the ITER-TBM project, the world's first test of blanket systems in an actual reactor environment, at ITER(1), the experimental fusion reactor currently under construction in southern France. Following the delivery of testing equipment, MHI has strong intention to contribute to the development of a blanket system for the ITER-TBM project through providing other systems/components such as TBMs.The testing equipment supplied by MHI comprises four systems, the High Heat Flux Test Equipment, In Box Water Eruption Test Equipment, Be-Water Reaction Test Equipment, and Flow Assisted Corrosion Test Loop. These testing systems will be used for various experiments aimed at developing a blanket system for the ITER-TBM project, and to confirm its safety. The blanket is one of the components that comprises the inner wall of the fusion reactor. It is a critical component that extracts the heat generated by the reactor, as well as provides for breeding and self-sustainment(2) of tritium, which is used as fuel.ITER is an international megaproject to demonstrate, both scientifically and technologically, the feasibility of fusion energy. ITER-TBM is a project to conduct functional demonstration testing of different TBM systems, each developed independently by four of the seven participating parties (Japan, the EU, the U.S., Russia, South Korea, China, and India). Because the results from this project will influence the relative merits of blanket systems for commercial reactors in the future, each country is actively developing TBMs with demonstrated functionality and safety. In Japan, QST, as the domestic agency for the ITER Project, is leading the development of the country's blanket system.MHI was previously awarded contracts from QST for manufacture of core components for ITER, including five (of a total of 19) toroidal field (TF) coils(3), four of which have been shipped, and six units of the divertor outer vertical targets(4), which are currently being manufactured. MHI will continue to actively support the ITER project to develop this technology, which will be vital to the stable development of the world, and contribute to the realization of fusion energy.(1) Fusion is the energy source that enables the sun to keep shining. The ultimate goal is achieving fusion on Earth. Fusion reactions fuse light atomic nuclei (deuterium and tritium) in a plasma environment into the heavier element of helium. Fusion reactions emit zero carbon dioxide, and their source of fuel can be extracted from seawater in virtually unlimited quantities (lithium from which tritium is derived, and deuterium). Fusion energy is expected to provide fundamental solutions to many of the world's energy and environmental problems.(2) Fusion reactors use deuterium and tritium as fuel. Neutron irradiation of a lithium compound in the blanket is used to produce and supplement the tritium that is consumed in the reaction process (self-sustainment).(3) For details on the TF coils for ITER that QST ordered from MHI, see the following press release. www.mhi.com/news/210524.html4For details on the divertor outer vertical targets for ITER that QST ordered from MHI, see the following press release. www.mhi.com/news/211213.htmlAbout MHI GroupMitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com. Copyright 2022 JCN Newswire. All rights reserved. (via SEAPRWire)

ACN Newswire

Tat Hong Equipment Service Co., Ltd. Announces FY2022 Annual Results

June 30, 2022

HONG KONG, Jun 29, 2022 - (ACN Newswire via SEAPRWire.com) - Tat Hong Equipment Service Co., Ltd. ("Tat Hong" or the "Company", together with its subsidiaries, the "Group") (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its annual results for the year ended 31 March 2022 ("FY2022" or the "Year").In FY2022, the Group recorded revenue amounting to RMB867.0 million, representing a 9.3% increase from that for the year ended 31 March 2021, primarily due to the increase in the number of both self-owned and rented tower cranes, the majority of which had been working on-site and generating revenue. The Group's total Tonne Metres in use increased from approximately 2,491,629 in FY2021 to 3,112,084 in FY2022.Gross profit decreased by approximately 14.3% to RMB234.1 million for the Year. Profit for the year amounted to RMB47.6 million for the Year (FY2021: RMB101.2 million). The decrease was primarily due to the impact of accounting treatment (a non-cash adjustment) on the value of the shares awarded to the top management of the Company in March 2022 under the share award scheme contributed by the shares of the Company owned by the controlling shareholders of the Company. The Board of Directors recommended the payment of a final dividend of HK1.6 cents per share. As at 31 March 2022, the Group had 288 projects in progress with a total outstanding contract value of approximately RMB569 million and 42 projects on hand with a total expected contract value of approximately RMB102 million. Of these projects, the Group expects to complete contract work of approximately RMB497 million by the year ending 31 March 2023, demonstrating high and solid earnings visibility in the forthcoming year.Mr. Sean Yau, CEO of Tat Hong Equipment Service Co., Ltd. said, "FY2022 was a tough year not only to us, but to the entire market as well. Despite COVID-19 pandemic prevention and control measures, vaccination rates have begun to rise in various countries, and economies including China are gradually recovering. However, global public health, economy and employment are still adversely affected by it. With the continued occurrence of COVID-19 pandemic situation across the world, the global market is still facing many uncertainties under the pandemic. We will take this opportunity to expand new market opportunities and continue to provide customers with one-stop tower crane solution services."During the Year, the Group expanded its business by purchasing additional tower cranes and relevant ancillary parts and components to meet the increasing customers' demand. As at the date of this announcement, a total of 1,180 tower cranes were managed by the Group, equipped to cater for the Group's customers' specialised range of EPC projects throughout the PRC. As a well-recognised foreign-owned tower crane service provider in the PRC, the Group has also built a strong reputation in our awareness to workers' safety, service quality and technical strength. The Group currently possesses 77 registered patents for utility models and inventions relating to tower cranes.In addition to enhancing the manufacturing capability, the Group has continuously enhanced its remanufacturing and reprocessing capabilities for tower cranes and their ancillary structural components, as well as committed to providing a green service and to improving the operational and management efficiency through developing the digital management platform "iSmartCon".Looking ahead, we will focus on operation of medium and large size tower cranes to meet the growing needs for prefabricated construction, and to establish a standardized post market service eco-system for tower cranes so as to provide a green, safe and environmental friendly tower crane service foundation.Mr. Roland Ng, Chairman of Tat Hong Equipment Service Co., Ltd. concluded, "Going forward, the Group, with the effective execution of the PRC prevention and control policies, will continue to pay attention to the situation of the COVID-19 pandemic to ensure the safety of the employees and to mitigate its negative impact on the financial position and operating results. We will continue to consolidate our strengths and leading position in the market with a view to capture the huge market growth opportunities, driving sustainable long-term business and bringing satisfactory returns to our shareholders." Copyright 2022 ACN Newswire. All rights reserved. (via SEAPRWire)