Yongnam's revenue up 20%, profit plunges 87%
AS forewarned, steel contractor and civil engineering group Yongnam Holdings rounded off a horrid 2013 by reporting net profit of $5.5 million, 87 per cent lower that the $43.5 million for the year before.
The profit plunge occurred despite revenue rising 20 per cent to $362 million. Other than lower margins from a change in project mix, Yongnam was plagued by significant cost overruns for three structural steelwork projects including the Singapore Sports Hub. It was also hit by an $8.1 million one-off disposal loss after having to sell off some steel pipe piles when there was a delay in renewing the land lease to store them.
Yongnam also made a $5.1 million provision for an insolvent contractor not being able to pay them.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Amazon’s AWS commits extra S$12 billion to boost Singapore cloud infrastructure
New Thai finance chief wants monetary, fiscal policies aligned
Swiss-Asia Financial Services fined S$2.5 million for money-laundering rule breaches
Singapore-based Princeton Digital gets green loan for US$1.5 billion Asia AI hub
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Apple is working on its own AI chip for data centres: WSJ