Here's what to blame for Tat Hong's ugly earnings results

Net profit plummeted 53% to $8.2m.

According to OSK, Tat Hong announced a plunge of 53% in its net profit for its second quarter ended Sept 30 to SGD8.2m as compared to SGD17.3m a year ago due to an economic slowdown in Australia and a sharp depreciation of the Indonesian Rupiah resulting in the company to a SGD5.2m unrealised losses from Singapore dollar denominated intercompany loans and payables for its Indonesian operations.

Here's more:

Revenue also decreased 14% to SGD185.3m due to subdued mining and infrastructure activities in Australia as well as lower excavator sales in Indonesia.

However, its tower crane rental segment had a 20% rise in quarterly revenue to SGD22.6m due to healthy demand for tower cranes from power generation, infrastructure and large commercial buildings projects in China. The counter closed at SGD0.915.