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Yongnam posts S$1.5m loss for Q1

CONSTRUCTION firm Yongnam Holdings reported a net loss of S$1.5 million for the first quarter ended March 31, 2017, compared with a net profit of S$1.7 million a year ago.

Revenue rose 24 per cent to S$91.5 million mainly on higher contributions from the group's structural steelworks business. Gross profit fell 57.8 per cent to S$3.4 million due to lower margins from the Senoko Food Hub project and a lower level of strutting and fabrication activities in Singapore and Hong Kong, which resulted in overhead costs not being fully absorbed.

Loss per share was 0.31 Singapore cent, compared to earnings per share of 0.37 cent in Q1 2016.

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