Yongnam Holdings, the structural steel contractor and specialist civil engineering solutions provider, today reported a net profit of $12.1 million for the three months ended June 30, 2012 (2QFY2012).
Net profit was down 19.7% from $15.1 million in the corresponding quarter the previous year (2QFY2011), on a 5.4% dip in revenue from $82.5 million in 2QFY2011 to $78.1 million in 2QFY2012.
With the completion of Gardens by the Bay, the substantial completion of Vista Exchange at One North as well as Mumbai International Airport, Yongnam saw a decrease of 24.2% in revenue from Structural Steelworks, from $42.5 million in 2QFY2011 to $32.2 million in 2QFY2012. For the quarter under review, ongoing projects like Singapore Sports Hub, NUH Medical Centre and the Petrochemical Plants at Jurong Island were the key contributors to Structural Steelworks revenue.
Increased contributions from the Group’s Marina Coastal Expressway, MRT Downtown Line 2, MRT North-South Line Extension and Hong Kong MTR contracts led to a 14.6% increase in revenue from Specialist Civil Engineering, which grew from $40.0 million to $45.9 million during the same period.
Gross profit registered a 15.8% decrease to $20.5 million in 2QFY2012 on lower margins resulting from the completion of iconic higher-margin projects last year. Gross margin for 2QFY2012 was 26.3% compared to 29.6% in 2QFY2011.
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