Dynamac: Reported 1Q12 net profit at $4.17m, -55.5% yoy, while rev at $31.8m, -7.1% yoy. Decline in rev mainly due to lower vol of work as most of the fabrication works for projects were substantially completed in the previous qtr.
Co. has undertaken subcontract projects from the Keppel Group and will continue to explore further projects with the Keppel Group. Grp also mentioned that its business is dependent on the level of activities in the O&G, which is in turn, affected by oil and gas prices.
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