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Yongnam’s FY16 losses widen nearly 10 times to $31.6 mil on higher overheads

Michelle Zhu
Michelle Zhu2/28/2017 06:05 PM GMT+08  • 2 min read
Yongnam’s FY16 losses widen nearly 10 times to $31.6 mil on higher overheads
SINGAPORE (Feb 28): Yongnam Holdings reported FY16 losses widened to $31.6 million from losses of $3.3 million a year ago on lower margins.
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SINGAPORE (Feb 28): Yongnam Holdings reported FY16 losses widened to $31.6 million from losses of $3.3 million a year ago on lower margins.

In a Tuesday filing to the SGX, the engineering and construction services provider says its depressed gross margin was mainly due to its Senoko Food Hub project, which incurred cost-overrun and provisions made in anticipation of lower negotiated awards in variation orders for certain projects in Singapore and Hong Kong.

In addition, the overall lower level of strutting and other activities in Singapore and Hong Kong also resulted in overhead costs not being fully absorbed.

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