China property slowdown weighs on Yongmao's Q3
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THE China property slowdown continued to weigh on cranemaker Yongmao Holdings, which reported a net profit of 7.4 million yuan (S$1.6 million) for its third quarter ended Dec 31, 2014, down 40 per cent from 12.4 million yuan a year ago. Revenue fell 17.5 per cent to 163.8 million yuan, from 198.5 million yuan a year ago.
Yet it was renting out cranes for residential projects in Hong Kong and casino projects in Macau that made money for Yongmao in its latest quarter. Non-controlling interests - essentially the 40 per cent Yongmao does not own in a joint venture renting cranes in Hong Kong and Macau - reported a net profit of 4.9 million yuan, up nine times from 0.5 million yuan a year ago.
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