OKH Global posts net profit of S$3m for Q2, up from S$859,000 a year ago

PROPERTY developer OKH Global reported a net profit of S$3 million for its second quarter ended Dec 31, 2017, up from S$859,000 a year ago.

Revenue stood at S$6.3 million for the quarter - a jump from S$2.9 million previously, attributed largely to a higher income from sale of units from completed projects.

Earnings per share came to 0.27 Singapore cent for the quarter, up from 0.08 cent previously.

No dividend was declared for the quarter.

In a filing to the Singapore Exchange, the group said that it has started looking for attractive industrial land for development opportunities.

Given its success in Addition & Alteration (A&A) works and rental income from its Kim Yam Road, Herencia property, it will continue to look for opportunities to undertake A&A to similar buildings to generate a recurrent income stream, said the group.

The group is pursuing overseas businesses in the region and has recently signed a Strategic Cooperation Agreement with Ping An Industrial and Logistics Co to develop and manage warehouses in various cities in China.

As part of its continuous review, the group is also assessing the relevance of some of its properties and fixed assets against its overall strategies.

"The group may monetise some of these assets through sales so as to further strengthen the financial strength of the group as it explores new business opportunities," said OKH Global.