KOP reverses into the black in Q3 on debt redemption
PROPERTY and entertainment group KOP Ltd on Monday said it reversed into the black in the third quarter following a gain from a debt redemption.
It posted a net profit of S$39.2 million for the third quarter ended Dec 31, 2014, compared to a net loss of S$354,000 a year ago.
Its "other income" rose to S$43.6 million for the third quarter, compared to S$1.25 million for the same period a year ago.
KOP said this was mainly due to the gain "on disposal of 2013 junior notes of S$43 million". In November, the company announced that it would be repaid for debt that was issued and redeemed by a related company, Royce Properties. Part of this debt held by KOP translated into 39.9 per cent of the "underlying economic interest" in the Ritz-Carlton Residences. KOP said on Monday that with the redemption, it no longer holds any stake in the Ritz-Carlton Residences.
Revenue gained 21 per cent to S$5.6 million. Gross profit, however, was up just 3 per cent at S$2.56 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade