Yongnam sinks into the red in Q2

SQUEEZED by lower revenue and tight margins, Yongnam Holdings ended its fiscal second quarter on a limping note.

The structural steel contractor and specialist civil engineering solutions provider yesterday posted a net loss of S$5.26 million for the April-June quarter, a sharp reversal from the net profit of S$8.63 million it made a year earlier.

"With the completion of the mega Marina Coastal Expressway contracts at the end of FY2013, the Singapore Sports Hub at the end of 1QFY2014 and no new project secured in 2QFY2014, group revenue dropped by 46.5 per cent to S$61.6 million, compared to S$115.1 million in 2QFY2013," said Yongnam.