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KOP swings to S$7m profit in Q3

PROPERTY developer KOP Holdings swung to a third quarter profit of S$7 million from a loss of S$667,000 the previous year, helped by an increase in revenue from the real estate origination, management services and hospitality segments, the divestment of subsidiary Scorpio East Properties as well as its share of results from investments in associated company Epic Land.

Trade and other receivables for the Catalist-listed company decreased to S$20.9 million from S$36.5 million, due mainly to the partial repayment of a shareholder's loan by Epic Land as a result of the partial divestment in Prudential Tower during the period.

It was offset by the increase in receivables from joint venture Snow Star Properties.

Revenue for the three months ended Dec 31 rose to S$14.82 million.

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Earnings per share was 0.22 Singapore cent, compared to 0.52 Singapore cent in the year-ago period. Net asset value per share slipped to 9.78 Singapore cents from 10.75 Singapore cents nine months ago.

No dividend was proposed. KOP's counter ended trading on Wednesday at 8.3 Singapore cents, down 0.2 Singapore cent or 2.35 per cent.

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