KSH Holdings announced a net profit of $9.6 million in the first quarter ended June 30, 2014 (1Q FY2015), compared to $11.4 million in the previous corresponding quarter (1Q FY2014).
Group revenue, which comprises project revenue and rental income from investment properties, stood at $62.5 million, down 14.6 percent from $73.1 million.
The Group’s construction projects in 1Q FY2015 garnered revenue of $60.9 million as compared to $71.7 million in the previous corresponding quarter (1Q FY2014), marking a 15 percent decline.
Rental income from investment properties grew 4.2 percent to $1.6 million in 1Q FY2015 from $1.5 million in 1Q FY2014.
Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings said, “I am pleased that the Group has achieved a net profit of $9.7 million, notwithstanding the slowdown in private sector construction activities in the quarter under review. Having anticipated this, the Group positioned itself for opportunities beyond the private sector and made good progress.”
Most of the KSH’s existing residential properties launched have been completely or substantially sold, including Lincoln Suites, Cityscape @ Farrer Park, The Boutique, Sky Green, Rezi 26, Palacio, NeWest, and KAP Residences (pictured).
Choo said, “As we continue to monitor our operating environment, we will also stay focused on our construction business in Singapore and at the same time, maintain our strength in property development via joint ventures and explore overseas opportunities in the Southeast Asia and Asia Pacific regions, particularly in China.”
Together with joint venture partners, KSH acquired Prudential Tower in May, which derives recurring rental income, as well as two residential sites at Fernvale Road last week.
Image source: KSH Holdings