Dyna-mac

Dyna-mac: Solid 1Q13 results with net profit at $6.7m (+101% y/y, -24% q/q) while revenue at $60.1m (+155% y/y, -19% q/q). Strong revenue was led by contributions by some of the projects in 1Q13, which were in the final stages of fabrication, resulting in a higher revenue recognition based on percentage of completion. Going forward, grp note that due to the lumpy nature of its revenue as projects are typically awarded to the grp within a very short lead time, net order book as of today is $113m. Grp however, cautiously optimistic of its performance this year as the sector remains strong from growing energy demand. Grp continue to receive active tender enquiries from both its long term and new clients.