Yongnam Holdings reports S$8.5 million net loss for FY2014

CONSTRUCTION firm Yongnam Holdings reported a net loss of S$8.5 million for the year ended Dec 31, 2014, compared with a net profit of S$5.5 million a year ago.

Group revenue for the full year fell 41.4 per cent to S$212.1 million from S$361.6 million a year ago, mainly due to the completion of major projects such as the Marina Coastal Expressway.

The lower revenue was also due to new projects having unexpected slow starts and existing projects tapering off, which resulted in a lower level of steelwork fabrication and erection activity to absorb Yongnam's fixed production and overhead costs.

The results were released before the markets opened. Yongnam shares closed unchanged at S$0.169 on Friday.