08 Aug '11, 8am

Yongnam Holdings Q2 profit up 12.9% - Channel News Asia

Yongnam Holdings Q2 profit up 12.9% - Channel News Asia

SINGAPORE: Civil engineering firm Yongnam Holdings said its second quarter net profit rose 12.9 per cent from a year ago to S$15.1 million. Revenue fell 1.9 per cent to S$82.5 million. Yongnam, whose shares have tumbled 22 per cent this year, attributed the rise in earnings to higher contributions from its Specialist Civil Engineering segment, which accounted for about 48.5 per cent of sales. Key contributors to the segment included contracts with the Marina Coastal Expressway, MRT Downtown Line 2 and the New Doha International Airport. Revenue from its Structural Steelworks segment dropped 15.2 per cent due to substantial completion of projects at the Marina Bay Sands Integrated Resort. Yongnam said it has secured four contracts worth about S$193 million, including a structural steelworks contract for the Singapore Sports Hub, as well as a specialised civil engineering co...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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