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KOP Limited narrows loss in Q4

Monday, May 23, 2016 - 19:42

REAL estate, hospitality and entertainment group KOP Limited narrowed its losses in the fourth quarter of its fiscal year, as revenue received a boost.

The group made a loss of S$1.8 million, compared with a loss of S$21.1 million a year ago.

Lifted by the handover of completed properties of Montigo Resorts and assignment of distribution rights in the entertainment segment, revenue surged 84 per cent to S$6.7 million.

This was further boosted by a cut in administrative expenses to S$7.9 million, 67 per cent lower than the same period a year ago, as it had written off S$18 million in goodwill then.

For the full year, KOP's net profit plunged to S$346,000, from S$12.6 million in the 2015 financial year, when it recorded S$43 million in investment income from the gain on redemption of 2013 junior notes by Royce Properties.

Revenue rose 32 per cent to S$24.5 million.

In its commentary on the outlook ahead, the firm said: "In view of the uncertainty and downturn of the global economy, having business operations in places such as Singapore, China, United Kingdom and Indonesia, the group will focus on the existing businesses and will only expand cautiously under opportunistic and strategic circumstances."

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