Keong Hong files notice of three straight years of losses
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Michelle Zhu
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KEONG Hong has given notice that it recorded pre-tax losses for the three most recently completed consecutive financial years, based on audited full-year consolidated accounts.
Based on a Wednesday (Mar 13) filing, the mainboard-listed construction player’s six-month average daily market capitalisation as at Mar 12 stood at S$35 million.
This marks the second year in a row that Keong Hong has filed notice of three straight years of losses.
While the company did the same in June 2023, it avoided being placed on the Singapore Exchange’s (SGX) watch list as its six-month average daily market cap as at May 31, 2023, was S$65.6 million.
According to the rules of the SGX listing manual, mainboard-listed companies will be placed on the watch list if they record pre-tax losses for the latest three consecutive and complete financial years, and if they fail to maintain an average daily market cap of at least S$40 million over the last six months.
SGX conducts quarterly reviews to identify issuers to be included on the watch list. The next review is set to take place on the first market day of June 2024.
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Earlier in January, Keong Hong reported that its net loss for the financial year ended Sep 30, 2023, had widened 7.8 per cent to S$49.5 million amid rising costs in the construction sector.
This came even as its full-year revenue rose 18.9 per cent to S$176 million, as the company progressed in ongoing construction projects and saw greater productivity.
Its net loss for the six months ended Sep 30 came in at S$45.8 million, deeper than the year-ago S$35.4 million loss. Revenue for the half year fell 38 per cent to S$57.9 million.
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Shares of Keong Hong ended Tuesday flat at S$0.16 with no trades done.
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