Low Keng Huat's Q1 net profit rises 70 percent

Mainboard-listed builder Low Keng Huat has announced that its Q1 profit attributable to shareholders increased 69.6 percent to $19 million, compared to $11.2 million in the previous corresponding quarter.

The increase in the Q1 result was largely attributed to the higher profit of its construction business.

The company’s revenue for the first quarter increased seven percent to $89.8 million from $84 million, while construction revenue surged seven percent to $76.6 million from $71.6 million over the same period last year. The increases were mainly attributed to the higher percentage completion of the Serangoon Central Mall project.

Meanwhile, revenue from F&B and hotel businesses also increased 3.3 percent to $12.7 million from $12.3 million over the same quarter last year.

Contributions from joint ventures and associated companies declined 28.8 percent to $5.7 million from $8 million in Q1 2009. The decrease was largely due to the lower contributions from a joint venture for one-north Residence.