Low Kheng Huat Q2 profit up 41.3%

Singapore builder Low Kheng Huat has announced that its net profit in the second quarter rose 41.3 percent to $28.4 million from $20.1 million over the same period last year, despite a fall in revenue of 49 percent to $81.9 million.

Net profit before tax and minority interests in Q2 increased 404.5 percent year-on-year to $22.2 million from $4.4 million. This was attributed to lower accruals for the Hard Rock Hotel and Meritus Mandarin Hotel at Sentosa projects, as well as higher contributions from projects like Serangoon Central Mall and Nex.

Revenue for hotel and F&B businesses surged 21.8 percent to $12.3 million from $10.1 million due to higher occupancy rates. However, revenue from construction business declined 54.1 percent year-on-year to $68.9 million from $150.2 million.