Dyna-mac loses $12.8m in Q2

Low revenue from few projects failed to pull the company up.

Engineering firm Dyna-mac will need to oil its gears after reporting a loss of $12.8m in Q2.

According to the company's financial statement, revenue fell 84.2% YoY from $34.1m to $5.4m. Dyna-mac suffered from a low volume of projects carried out in the current weak market caused by the still low oil prices.

The low revenue recognized was not able to cover the company's fixed direct overheads in Q2.

Other losses of $0.9m were mainly due to the translation exchange differences of the USD.

Even cost-cutting measures weren't enough after administrative expenses fell by 38% from $9.0m to $5.6m, due to reduced employee compensation of $1.9m from rightsizing and other expenses of $1.5m.

The decrease of $0.8m in finance expenses was caused by the absence of interest on Multi-Currency Term Notes Series 001 which was fully redeemed on 7 October 2016.