Yongmao Holdings posts 32.1% drop in Q4 earnings

The China-based firm on Monday reported a net profit of 5.7 million yuan (S$1.14 million) for the three months ended Mar 31.
The China-based firm on Monday reported a net profit of 5.7 million yuan (S$1.14 million) for the three months ended Mar 31.PHOTO: YONGMAO HOLDINGS LIMITED

SINGAPORE - Lower profit before taxation has dragged down fourth-quarter earnings at Yongmao Holdings by 32.1 per cent.

The China-based firm on Monday reported a net profit of 5.7 million yuan (S$1.14 million) for the three months ended Mar 31, down from 8.3 million yuan in the same period a year ago.

The weaker performance came as revenue inched up just 2.1 per cent to 119 million yuan. The higher rental income and higher sales of components and parts were partly offset by lower sales of towercranes, said Yongmao in a statement.

However, net profit for the full year rocketed by 619.1 per cent to 28.1 milion yuan, while revenue rose 26.3 per cent to 574.5 million yuan.

Earnings per share for the quarter came in at 6.38 fen, lower than the 9.4 fen previously. Net asset value per share was 695.26 fen as at Mar 31, up on the 646.48 as at the same time a year ago.

The company has proposed a first and final dividend of one cent per share.

Shares of Yongmao last traded at 0.69 cents on April 6.