Yongnam pre-tax profits up 33% to S$48.8 million

The Group's main contributor, Structural Steelworks, saw marginal increase in revenue from S$254.2 million in FY2008 to S$256.8 in FY2009.

Yongnam's multiple contracts at the Marina Bay Sands Integrated Resort and Vista Xchange made up for lower contributions from the Group's overseas projects.

The 33.0% rise in pre-tax profit from S$36.7 million in FY2008 was achieved despite a 6.3% increase in general and administrative expenses to S$27.8 million. Contributory to the surge in expenses were increased staff costs, professional fees and repairs to premises.

Mr Seow Soon Yong, Chief Executive Officer of Yongnamm said, "The Group continues to benefit from the increased spending on mega infrastructural projects in the region. The Group's strong competitive advantage and proximity to our markets allow us to enjoy good market share, contributing to record performances for the past four years."