Yongmao Q3 net profit down 40% to 7.4m yuan

CRANE-MAKER Yongmao Holdings 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.

The company said it is being hit by the ongoing property slowdown in many Chinese cities and the uncertain eurozone economic environment.

"However, sales in Middle East and Asia (outside the PRC) grew by 90.1 per cent and 13.4 per cent respectively due to higher demand for our products and services especially in Middle East, Macau, Hong Kong, Korea and Myanmar," it said.

Yongmao, an associate company of crane supplier Tat Hong Holdings, last traded at 20 Singapore cents a share.