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Low Keng Huat posts 74% slump in Q1 net profit

LOW Keng Huat (Singapore) posted a 74 per cent slump in net profit for the first quarter ended April 30, 2015, to S$3.78 million, dragged by lower profits from the development segment.

As of June 8, three DBSS residential units and eight office units remained unsold at Parkland Residences and Paya Lebar Square respectively.

Revenue rose 10 per cent to S$26.75 million as the group recognised leasing income from Paya Lebar Square (Retail Mall), which commenced operations on Dec 16 and is 99 per cent leased as of June 8.

The increase in construction activity at Genting Hotel at Jurong Town Hall Road has also contributed to the increase in revenue. The group was awarded a S$114.3 million construction contract by Genting Group in June 2013 for the design and building of one block of hotel development with landscape deck, basement carpark, swimming pool and other ancillary facilities at Jurong Town Hall Road.