OKP Q2 net profit more than doubles despite revenue slide

OKP Holdings on Tuesday reported that its net profit more than doubled from a year ago to S$278,000, despite revenue falling 29 per cent to S$19.4 million for its second quarter ended June 30, 2019.

The infrastructure and civil engineering company attributed the improvement in bottom line to higher contribution from the rental income segment, a few construction projects which commanded better gross profit, and higher other gains mostly because of a technical management consultancy fee for a piling project in Jakarta.

Conversely, revenue fell due to a 66 per cent decline in maintenance segment revenue, partially offset by a 38 per cent increase in construction segment revenue and a 11 per cent increase in rental income.

As at end-June 2019, OKP's order book stood at S$282.6 million, with enough work to last till 2023.