Koh Brothers recorded a 38 percent increase in net profit to $29.5 million for FY 2014.
Group revenue increased 10 percent to S$395.1 million over the same period due to higher sales from its real estate division.
Correspondingly, its gross profit rose 37 percent to $62.3 million in FY 2014 from S$45.3 million in FY 2013.
Overall, profit before income tax rose 35 percent to $33.8 million in FY 2014 from $25.1 million the year before.
For Q4 2014, the Group’s net profit dropped by 2 percent to $6.2 million, from S$6.3 million in Q3 2013, mainly with impact from higher overall operating expenses and share of loss from joint venture companies.
Koh Brothers Managing Director and Group CEO Francis Koh said sales from its 482-unit condo in District 18, Parc Olympia, will continue to provide good earnings visibility. “As a themed-and-lifestyle developer, we are always looking out for new features to differentiate our residential properties to appeal to all homebuyers. In challenging times, we will place an even greater emphasis on unique or innovative features to differentiate our developments,” he said.
“At the same time, we will look at increasing our recurring income from our Property Investments which include commercial and residential properties, as well as from our Leisure and Hospitality segment. In Singapore, we are in the midst of a makeover of our JV mall, Sun Plaza, at Sembawang and we will provide more updates at the appropriate time,” Koh added.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
