Crane operator Yongmao Holdings has posted earnings of RMB10.8 million ($2.2 million) for the 2HFY2022 ended March, 64% lower than earnings of RMB30 million in the 2HFY2020.

Earnings for the FY2022 stood at RMB55.3 million, 0.8% higher than earnings of RMB54.8 million in FY2021.

2HFY2022 revenue fell 23.4% y-o-y to RMB480 million, mainly due to the high base in 2HFY2021 with Covid-19 under control in China. Certain backlog deliveries were also fulfilled during the half-year.

The revenue for 2HFY2022 was also affected by a lackluster property market and the recent Covid-19 outbreak in China.

Restrictions imposed in various cities resulted in slower business activities. Due to this, revenue from sales of tower crane components decreased to RMB355.2 million in 2HFY2022 from RMB534 million in 2HFY2021.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/ntuc-income-reports-premium-growth-fy2021-lower-net-operating-surplus-fair-value?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>NTUC Income reports premium growth for FY2021 but lower net operating surplus on fair value loss</a>

The decrease in revenue was partly offset by the increase in rental and service income of RMB41.1 million, with more government projects for both infrastructure and residential in Hong Kong as well as the increase in rental sales in China.

Revenue in China decreased by 41.8% to RMB195.2 million in the same period, while sales in Asia and China contributed 41% and 40.7% of the group’s 2HFY2022 revenue.

Gross profit decreased by 12.6% to RMB132.6 million, while gross profit margin increased to 27.6% in 2HFY2022 from 24.2% in the 2HFY2021.

For FY2022, revenue increased by 8.1% y-o-y to RMB1.1 billion while gross profit increased by 20.6% to RMB307.5 million. Gross profit margin increased to 27.7% in FY2022 from 24.8% in FY2021.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/capital/results/serial-system-reports-lower-1qfy2022-earnings-allowance-obsolete-stocks?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Serial System reports lower 1QFY2022 earnings on allowance for obsolete stocks</a>

Earnings per share for the 2HFY2022 and FY2022 stood at 12.16 RMB cents and 63.31 RMB cents respectively.

The company is proposing a first and final dividend of 1 cent per share for the FY2022.

Shares in Yongmao closed flat on May 27 at 72 cents.

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