The building boom in Singapore and the Middle East is proving to be a boon for engineering and construction company Yong Nam Holdings.
Its net profit for the first quarter rose 267 percent to about S$6 million. Revenues increased 56 percent to S$47.4 million. Yong Nam saw increased activities from projects such as Orchard Turn, Marina Bay Sands Integrated Resort, Formula One and the Dubai Metro Rail.
Going forward, Yong Nam said it is optimistic that the strong operational performance will continue in financial year 2008.
The company is citing the government's S$50 billion plan to improve the Singapore's transport infrastructure in the coming years.
This includes the construction of the Marina Coastal Expressway, the Thomson MRT line, the MRT Downtown line and the Eastern Region MRT line.
The Building and Construction Authority has estimated that 2008 will see a record S$27 billion in construction contracts being awarded – 10 percent higher than the year before.
In the Middle East, Yong Nam said it continues to experience an upsurge of infrastructure developments.
The company's order book stood at S$277 million as at March 31. - CNA/so
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