Crane operator Yongmao Holdings has posted earnings of RMB30 million ($6.2 million) for the 2HFY2021 ended March, 258.5% higher than earnings of RMB8.4 million in the 2HFY2020.

Earnings for the FY2021 stood RMB54.9 million, 8.1% lower than earnings of RMB59.7 million.

2HFY2021 revenue surged 63.3% y-o-y to RMB626.6 million as business resumed normalcy in China.

The group’s major markets, Singapore and Hong Kong also gradually resumed activities since September 2020.

For more stories about where the money flows, click here for our Capital section

Want our latest Singapore corporate news stories for FREE

Follow our Telegram, Facebook for the latest updates round the clock

Revenue from sales of tower cranes and components grew by RMB230.9 million to RMB543.0 million in 2HFY2021.

Rental and service income increased by RMB12.0 million during the period under review.

Revenue in China increased by RMB197.8 million in the same period, while sales in China and Asia contributed to 53.5% and 35.0% of the group’s 2HFY2021 revenue.

Gross profit increased by 85.8% y-o-y to RMB151.7 million, while gross profit margin (GPM) increased to 24.2% from 21.3% in the 2HFY2021.

Other income fell by RMB0.6 million to RMB12.1 million due to lower government subsidies and rebates.

SEE:Yongmao's 3Q earnings fall 41.2% to RMB 0.3 mil

The group reported an exchange loss of RMB5.8 million in 2HFY2021 compared to RMB0.5 million in the year before. This was due to the weakening of the USD against the RMB, as well as the weakening of the SGD and HKD against the RMB.

FY2021 revenue increased 6.8% y-o-y to RMB1.03 billion, while gross profit increased 2.5% y-o-y to RMB255.0 million.

Gross profit margin fell to 24.8% from 25.9% in the FY2021, attributable to the lower selling price from the price sensitivity and slack market condition.

Other income increased by RMB1.9 million to RMB18.4 million in FY2021 due to higher government subsidies and rebates as well as higher compensation income.

Earnings per share (EPS) for the 2HFY2021 and FY2021 stood at 33.77 RMB cents and 61.81 RMB cents respectively.

A first and final dividend of 1 cent per share was declared for the FY2021.

As at end-March, cash and cash equivalents stood at RMB66.3 million.

Shares in Yongmao closed flat at 71.5 cents on May 27.