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Low Keng Huat's Q4 profit falls 58% to S$32m
CONSTRUCTION firm Low Keng Huat's net profit for the fourth quarter more than halved as its revenue plunged.
The group recorded a net profit of S$32.1 million for the three months ended Jan 31, 2016, down 58 per cent from the same period last year.
This translates to earnings of 4.35 Singapore cents a share, compared with 10.41 Singapore cents a year earlier.
Its revenue dived 97 per cent to S$20.9 million, as a drop in revenue from the development and construction segments was only partially offset by an increase in revenue from the investment segment.
For the full year, the group's net profit fell 65 per cent to S$55.7 million on the back of a 93 per cent tumble in revenue to S$86.6 million.
Looking ahead, the property cooling measures by the government and the release of more land for development will continue to slow down the sluggish property market, said the firm. "The group will continue to be selective in land bidding and investments projects."