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Yongnam Holdings Q2 Profit Towers 12.9%

Yongnam Holdings Q2 Profit Towers 12.9%Yongnam Holdings, the civil engineering firm is running through the purple patch. Its second quarter net profit blossomed 12.9% from a 2010 to S$15.1 million.

In addition, revenue trimmed 1.9% to read S$82.5 million.

Yongnam, whose shares have sprawled out 22% this year, collaborated to the threat in earnings to bulkier assistances from its Specialist Civil Engineering fragment, which was claimed responsible for nearly 48.5% of sales.

Various crucial contributors to the segment, including the Marina Coastal Expressway, MRT Downtown Line 2 and the New Doha International Airport, could be somewhere attributed to the good work.

Yongnam Holdings’ revenue from its Structural Steelworks fragment chopped down 15.2% because of extensive achievement of projects at the Marina Bay Sands Integrated Resort.

Meanwhile, Yongnam revealed that it has finalized four contracts pegged around S$193 million.

The module will include a structural steelwork for the Singapore Sports Hub, a specialized civil engineering project for the Hong Kong segment of the Express Rail Link.

Seow Soon Yong, Yongnam's Chief Executive Officer revealed that there is a healthy pipeline of potential projects in Singapore, which will include the MRT Downtown Line 3 along with various other commercial projects.

“We are actively pursuing infrastructural projects like MRT projects and commercial projects in countries such as Saudi Arabia, Hong Kong, and Indonesia", he said.

On Monday, Yongnam Holdings declared that its net profit for 2011’s Q2 increased 12.9% to a record $15.1 million, compared to the same period in 2010.