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OKH swings to S$16.5m net loss after development, construction services revenues fall

LOWER contributions from its property development and construction services segments eroded results for property developer OKH Global Ltd in its full financial year.

It sank into the red, recording a net loss of S$16.5 million, compared to a net profit of S$46.2 million in the preceding year, the group said in a Singapore Exchange filing on Monday evening.

For the 12 months ended June 30, revenue plummeted 70 per cent to S$75.8 million from the preceding year. Property development revenue dropped by 70.7 per cent to S$64.3 million in FY2016, while construction services revenue plummeted 96.3 per cent to S$0.9 million for the full year.

It recorded a loss per share of 2.62 Singapore cents, compared to earnings per share of 7.36 Singapore cents in the previous year. Net asset value per share slid to 17.3 Singapore cents as at June 30, from 19.98 Singapore cents as at a year ago.

OKH shares closed 0.1 of a Singapore cent lower at 8.3 Singapore cents on Monday.