OKH Global said on Friday its net profit shrunk 46.8 per cent year on year to S$16.49 million for the fourth quarter ended June 30 due mainly to an absence of any property development revenue during the quarter.
Coupled with an 85.6 per cent plunge in revenue recognised from construction services as most of the third parties construction contracts are near completion, total group revenue during the quarter slumped 98.3 per cent to S$3.53 million.
The group's earnings during the quarter was propped up by other income that surged to S$26.87 million from S$3.5 million a year ago, mainly attributed to some S$26.22 million of revaluation gains from investment properties.
For the full year, however, OKH Global achieved a record set of financial results.
Net profit for the full year ended June 30 surged 77.7 per cent to S$46.24 million; revenue rose 13.2 per cent to S$252.66 million due to higher contribution coming from all business segments of the group's business activities.
OKH said that it has undertaken various initiatives in recent years in a bid to broaden its recurring income base and "the results have been fruitful".
"In addition, the group has been actively exploring new growth opportunities in Asia's property market," it added.