Builder Low Keng Huat saw first quarter revenue drop 41% to $15.8 million while earnings declined 13% to $3.3 million.
Topline was affected by the construction business which saw zero third-party project and recognised no revenue during 1Q17 compared to $12.8 million in 1Q16.
Meanwhile, revenue for the Hotel and F&B businesses decreased by $300,000 to $9.5 million, mainly due to lower rates and occupancy in Duxton Perth.
Overall, the drop in earnings was mainly due to lower profits from the construction and hotel segments. No dividend was declared.
Looking ahead, Low Keng Huat noted that the cooling measures introduced by the Singapore government and the release of more land for development will continue to slow down the already sluggish property market.
The group will therefore continue to be selective in land bidding and investments projects.
The counter last traded at 57.5 cents.
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Topline was affected by the construction business which saw zero third-party project and recognised no revenue during 1Q17 compared to $12.8 million in 1Q16.
Meanwhile, revenue for the Hotel and F&B businesses decreased by $300,000 to $9.5 million, mainly due to lower rates and occupancy in Duxton Perth.
Overall, the drop in earnings was mainly due to lower profits from the construction and hotel segments. No dividend was declared.
Looking ahead, Low Keng Huat noted that the cooling measures introduced by the Singapore government and the release of more land for development will continue to slow down the already sluggish property market.
The group will therefore continue to be selective in land bidding and investments projects.
The counter last traded at 57.5 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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