With plans to double the MRT lines in Singapore by 2030 and with more public sector construction projects, investing in Yongnam seemed like a natural choice and I have blogged about this many times over the last couple of years. Unfortunately, last year was a very bad year for Yongnam and they presented a more or less expected set of nightmarish numbers for FY 2013. To be fair, the management already warned way ahead of time that numbers are likely to be bad. So, no one was caught unaware and Mr. Market seemed to have taken the results in his stride. Yongnam did not see any big plunge in share price. In summary, the problems were: 1. Significant cost overruns in 3 projects. 2. $8.1 million loss in selling off some steel pipe piles. 3. $5.1 million provision for bad debt. 4. Additional costs from alteration works for 2 projects......