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Dyna-Mac falls into the red with S$12.8m Q2 loss
THE weak oil and gas market dampened earnings for Dyna-Mac Holdings in its second quarter.
The engineering and fabrication firm fell into the red, recording a net loss of S$12.8 million, compared with a net profit of S$6.4 million in the previous year, the group said in a Singapore Exchange filing on Sunday morning.
For the three months ended June 30, revenue nosedived 84.2 per cent to S$5.4 million from the year-ago period. The drop in revenue was due mainly to the low volume of projects carried out in the second quarter because of the weak market, it said.
It recorded a loss per share of 1.25 Singapore cents, from earnings per share of 0.63 Singapore cent in the preceding year.
Dyna-Mac said it has a net order book of S$31 million with completion and deliveries extending into the third quarter of 2018.
The group also managed to secure two new contracts from new customers for a provisional sum of S$30 million, it said. These are expected to be completed by the second or third quarter of 2018, and will have a positive impact to its bottom line in the current financial year.
"While the group's immense marketing efforts have paid off with new contracts award, the management is still very conscious of its overheads and will continue to right size the group to its current level of business activities," it said.