Low Keng Huat Q3 net profit falls 60%

CONSTRUCTION and property development company Low Keng Huat's net profit for the third quarter ended Oct 31, 2018 dropped 60 per cent year-on-year to S$2.63 million.

Revenue declined 31 per cent to S$9.24 million in the absence of development revenue as well as lower revenue from the investment and hotel segments. The corresponding quarter a year ago saw development revenues of S$2.9 million.

Earnings per share for the quarter fell to 0.36 Singapore cent, down from 0.9 cent a year ago.

In a filing to the Singapore Exchange on Friday, Low Keng Huat said: "The residential property market is more subdued since the recent tightening of property cooling measures. The group will continue to be selective in land bidding and investment projects and will strive to maintain rental rates for renewals."