KSH Holdings posts 36% drop in 3Q earnings to $6.1 mil

SINGAPORE (Feb 14): KSH Holdings reported 3Q19 earnings declined 35.8% to $6.08 million from $9.47 million in 3Q18.

In 9M19, the group’s earnings came up to $16.4 million, 16.2% lower than $19.6 million in 9M18.

Total revenue for the quarter was 80.6% higher at $65.5 million from $36.3 million last year, supported by an 84.1% y-o-y increase in project revenue to $64.2 million, but partially offset by a 4.4% drop in rental income and investment properties to $1.38 million.

Finance costs more than doubled y-o-y to $1.02 million, while other operating expenses increased by 67.1% y-o-y to $2.02 million.

During the quarter, the group recorded a loss from share of results of associates of $0.85 million from a profit of $0.12 million last year, mainly due to the increase in expenses incurred from Affinity@Serangoon and Riverfront Residences.

Share of results of joint ventures dropped 36.2% y-o-y to $2.40 million, mainly due to expenses incurred for Park Colonial.

As at Dec 31, 2018, the group’s construction order book stood at $490.0 million.

Choo Chee Onn, executive chairman and managing director of KSH, says, “With a robust sum of approximately $929.0 million in the pipeline, backed by a strong construction order book and attributable share of progress billings to be recognised as sales revenue from the property development projects, KSH remains optimistic as we welcome both opportunities and impending challenges in the upcoming new year.”

Shares in KSH closed at 52 cents on Thursday.