Construction, property development and property management group KSH Holdings has announced a 23 percent increase in net profit after tax to S$22.6 million for the full year ending 31 March 2011.
“We are pleased to have achieved another year of growth, buoyed by the pickup in the global economy and construction sector. We will continue to leverage on our strong track record in both the public and private sectors to strengthen our business in the construction sector,” said Choo Chee Onn, Managing Director and Executive Chairman of KSH Holdings.
Meanwhile, full-year revenue slipped 9.8 percent, from S$285.4 million to S$257.3 million, attributed to the decline in revenue recognition from its construction business, which dropped 9.8 percent to S$257.3 million this year, from S$285.4 million in the previous year.
This was partially offset by a S$5.6 million surge in revenue from one completed project, S$8.9 million from new projects and S$87.7 million from on-going projects that have reached the advanced stages of construction.
“Amidst uncertainties in the global and domestic economic conditions and the inflationary pressure on business operation costs, we have sought out new and viable construction projects, enabling our core construction business to register profit before taxation improvement,” said Mr. Choo.
Cost efficiencies boosted the bottom line, with pre-tax profit from KSH’s core construction, property development and management business operation climbing 27 percent to S$29.3 million this year, from S$23 million a year ago.
“The business continues to be robust, backed by strong existing order books of over S$245.0 million, as of 19 May 2011,” he said.
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