Property and construction group KSH Holdings saw its first quarter net profit after tax soar 157 percent to S$11.5 million for the three months to 30 June. Revenue was up 50.9 percent to S$83.3 million in the same period.
Its construction business posted a 49.6 percent growth in revenue to S$71.7 million and accounted for 86.1 percent of the total profit. Meanwhile, 12.1 percent of overall growth came from property development, while rental income contributed 1.8 percent.
The share of results of associated companies also climbed to S$7.8 million, mainly on strong contributions from property development projects in Singapore.
“The positive synergy between property development and construction places KSH in an attractive value-adding position when capitalising on opportunities in local and overseas markets for both construction and property development sectors,” said Choo Chee Onn, Executive Chairman and Managing Director of KSH Holdings.
Moving forward, the company is confident about its upcoming ventures in Singapore and China, adding that it will “continue tendering for projects, giving greater attention to public sector construction projects”.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com