SINGAPORE (Aug 17): OCBC Investment Research on Wednesday said it is ceasing coverage on Dyna-Mac Holdings due to "a lack of earnings visibility for the company" amid a tough broader operating environment.
Dyna-Mac, which provides engineering, procurement, and construction services to the marine construction and offshore oil and gas industries, reported a 6.6% y-o-y fall in revenue to $34.1 million in 2Q16.
However, it managed to secure net profit of $6.4 million in the second quarter, mainly due to "unusually high" gross profit margin at 42.1%.
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