Yongnam

Yongnam: 3Q14 net loss widened to $8.4m, from a $3.4m loss a year ago. Revenue halved to $47.3m, following completion of the Marina Coastal Expressway (at end FY13) and the Singapore Sports Hub (at end 1Q14). The lower fabrication and erection activities could not absorb fixed production and overhead costs and resulted in a gross loss of $5.9m. Operating expenses declined, as there was an absence of a one-off disposal loss of $8.1m incurred last year. YTD contracts secured of $250.1m brings order book backlog to $316m. A Yongnam led consortium had also been named the successful tenderer for the Hanthawaddy international Airport in Myanmar for a 30-year concession period. The consortium will proceed with advanced negotiations with the Myanmar government to finalize project details. BVPS of $0.2313 translates to 0.86x P/B