Keong Hong posts 10.1% fall in FY14 profit

Singapore

SINGAPORE'S homegrown building construction group Keong Hong Holdings on Thursday reported a 10.1 per cent drop in full-year net profit to S$19.7 million, from S$21.9 million for the same period last year.

This was despite the group announcing an 86.1 per cent increase in revenue to S$272.9 million for the financial year ended Sept 30, 2014 (FY2014). The growth was largely due to a higher percentage of revenue recognised from the group's ongoing projects as well as new projects as they reached their active stage of construction.