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Dyna-Mac sinks deeper into the red with S$13.9m Q1 loss
ENGINEERING and fabrication firm Dyna-Mac Holdings' loss widened in the first quarter of 2017, as revenue plunged 88 per cent.
The group recorded a net loss of S$13.9 million for the three months ended March 31, against a net loss of S$4.2 million a year ago.
Revenue came in at S$10.1 million, down from S$86.7 million in the same period last year, due to lower volume of projects in the current weak environment.
Dyna-Mac said it currently has a net order book of S$6.3 million with completion and deliveries extending into July 31 this year.
"The market environment continues to be difficult with potential projects delayed further to the right," it said. "Accordingly, the management is continuing its efforts in right-sizing the group, bracing itself in this very challenging time whilst working hard to secure potential projects."