KSH Holdings Limited saw its net profit for the third quarter ended 31 December 2014 (Q3 2015) increase 14.6 percent to $11.4 million.
The group’s net profit was buoyed by higher share results of associated companies, an increase in other operating income and lower overall expenses.
Revenue dropped 28.6 percent from 83.6 million in Q3 2014 to $59.7 million in Q3 2015. The group posted project revenue of $58.2 million from construction projects in Q3 2015, down from the $82 million recorded in Q3 2014. Rental income from investment properties remained stable at $1.6 million over the same period.
In Q3 2015, share of results of associates soared 44.6 percent to $6.9 million, of which $3.5 million is attributable to a higher percentage of completion resulting in an increase in profit recognition from ongoing development projects.
Notably, majority of the group’s existing residential and mixed development properties launched were either completely or substantially sold at prices that are within or better than expectations. Among these projects are Palacio, Sky Green, KAP & KAP Residences and NeWest.
Net profit attributable to shareholders increased from S$9.9 million in Q3 2014 to $11.4 million in Q3 2015.
KSH Holdings Executive Chairman and Managing Director Choo Chee Onn said, “The broadening of our income stream through strategic consortiums and joint ventures for our Property Development and Management segment has weathered us well amidst macro uncertainties. We will stay focused on asset and geographical rebalancing to navigate well, working closely with experienced and reputable partners.”