SINGAPORE (May 15): Yongnam Holdings reported losses of $4.6 million for the 1Q ended March, sinking deeper into the red from losses of $1.5 million a year ago.
1Q18 revenue tumbled 40.9% to $54.1 million, from $91.5 million a year ago, due mainly to lower contribution from the group’s Structural Steelworks business.
The decline was due to the substantial completion of Senoko Food Hub and Jewel Changi Airport projects at the end of FY17.
As at end March, cash and cash equivalents stood at $14.8 million.
The group’s order book stood at $142.0 million as at Mar 31, 2018.
“We are gearing up to tap opportunities related to the upcoming mega public sector infrastructure projects in Singapore to further strengthen our order book. We have submitted bids relating to various major contracts for the North-South Corridor as well as bidding for a number of infrastructure projects in Hong Kong and Australia,” says Seow Soon Yong, chief executive officer of Yongnam.
In total, the group says it is actively pursuing $1.1 billion worth of new infrastructure and commercial projects in Singapore, Hong Kong, Australia, and the Middle East.
Shares of Yongnam closed flat at 31 cents on Tuesday.
