Three years ago, the company faced a crisis of a different kind with the passing of its founder and then CEO Desmond Lim in October 2019, and was staring down a balance sheet that was $24 million in the red in FY2019 ended December 2019. Almost immediately after, Dyna-Mac was hit by the Covid-19 pandemic, deepening its losses to $58.4 million for FY2020.
The recovery stories of most companies are punctuated by cost-cutting, measures to improve efficiency, and for some, retrenchment exercises for staff as they sank into the red during the pandemic.
For engineering services firm Dyna-Mac, which mainly builds what is known as topside modules and facilities of FPSO (floating production storage and offloading) modules, this was not the case. There was no retrenchment of staff throughout the pandemic, and they were all kept on full pay. Instead, the management took a pay cut to lower costs.
