Dyna-Mac posts higher Q1 profits, secures $50 million of new orders
Published on May 13, 2014 8:28 PM
SINGAPORE - Higher demand for its offshore structures led to an increase in first-quarter revenue and profits for Singapore-listed Dyna-Mac Holdings.
The offshore fabrication specialist said on Monday night that its revenue rose 31.3 per cent in the first three months of the year over a year ago to $78.9 million.
This was due to higher activity levels across all the group's yards, it said.
But higher operating and finance costs ate into profit margins. Dyna-Mac said its gross profit margin slipped to 22 per cent in the first quarter from 24.4 per cent a year earlier, while its net profit margin dipped to 10.1 per cent in the quarter from 11.2 per cent a year ago.
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