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Yongnam sinks deeper into the red with 3Q loss of $4.9 mil on lower revenue

Stanislaus Jude Chan
Stanislaus Jude Chan11/14/2017 06:18 PM GMT+08  • 2 min read
Yongnam sinks deeper into the red with 3Q loss of $4.9 mil on lower revenue
SINGAPORE (Nov 14): Yongnam Holdings, the structural steel contractor and civil engineering solutions provider, saw 3Q net losses widen to $4.9 million from $0.6 million a year ago.
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SINGAPORE (Nov 14): Yongnam Holdings, the structural steel contractor and civil engineering solutions provider, saw 3Q net losses widen to $4.9 million from $0.6 million a year ago.

The group incurred a gross loss of $1.7 million in 3Q17 compared to gross profit of $4.8 million in 3Q16. This was as a result of lower margins from certain projects, as well as the overall lower level of strutting and fabrication activities which resulted in overhead costs not being fully absorbed.

Revenue fell 29.4% to $68.4 million in 3Q17, from $96.9 million a year ago, on lower contributions from the group’s Structural Steelworks and Mechanical Engineering businesses.

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