Yongnam posts 38.7% fall in Q3 net profit to $10.3m

Yongnam Holdings says third-quarter net profit fell 38.7% to $10.31 million from $16.83 million a year ago.

The fall came on the back of a 17.1% fall in group revenue to $71.71 million. The group attributes this to the substantial completion of some of its structural steelworks projects at the end of 2011 and slower progress in certain ongoing projects.

As higher-margin projects were completed in FY2011, Yongnam recorded a gross profit of $18.24 million in the three months ended September, which was 30.2% lower than a year ago.