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KSH Holdings FY profit falls 28% to S$29.5m

KSH Holdings Limited posted a 28.1 per cent fall in net profit from S$41 million in FY2017 to S$29.5 million in FY2018, it said in a filing with the Singapore Exchange on Wednesday evening.

On a per-share basis, profit fell from 7.19 Singapore cents in the previous year to 5.17 Singapore cents.

For the 12 months ended March 31, revenue tumbled 33.4 per cent from S$199.3 million in the preceding year to S$132.6 million.

The contraction in revenue was due mainly to a 34.6 per cent decrease in revenue from KSH's construction business from S$193.6 million in FY2017 to S$126.6 million in FY2018. This was partially caused by the delays in handing over of sites from the customers for two projects, which affected the progress in the certification of work done, the construction and property player said.

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KSH has proposed a final cash dividend of 1.2 Singapore cents per share for FY2018. Coupled with an interim cash dividend of one Singapore cent per share distributed earlier in the financial year, this brings the total dividend declared for FY2018 to 2.2 Singapore cents per share.

Net asset value per share shrank to 59.46 Singapore cents as at March 31, from 70.37 Singapore cents a year ago.

KSH shares closed S$0.005 or 0.8 per cent lower at S$0.65 on Wednesday before the announcement.