SINGAPORE (May 15): Yongnam Holdings, the structural steel supplier and engineer, sunk into a 1Q net loss of $1.5 million on lower margins and overhead costs not being fully absorbed given the group’s lower level of strutting and fabrication activities.
Group revenue increased 24% to $91.5 million due mainly to higher contributions from the structural steelworks business.
Revenue contribution from structural steelworks surged 49.6% to $67.7 million in 1Q17, supported by key projects including Senoko Food Hub and Jewel Changi Airport. Revenue from the Specialist Civil Engineering unit stood at $19.7 million, unchanged from a year ago. Key revenue contributors during the review quarter included the Thomson Line in Singapore and Hong Kong MTR.