OKP net profit surges to $4.1m

Singapore-listed infrastructure and civil engineering company OKP Holdings Limited (OKP) has reported a 188.9 percent year-on-year jump in net profit to $4.1 million for the six months ended 30 June 2015.

But group revenue dipped 5.3 percent to $54.6 million over the same period due to lower revenue recognition from several maintenance projects which were reaching completion in the first half of this year.

In a statement, OKP said it has secured $276.7 million in construction projects lasting till 2019.

"Year-to-date, we have successfully secured four contracts worth a total of approximately $184 million. These include projects secured during the second quarter worth $40.1 million, consisting of two contracts - one from JTC Corporation valued at $20.4 million and a $19.7 million contract from the Land Transport Authority," said OKP Group Managing Director Or Toh Wat (pictured).

He noted that the projects include the construction of roads and improvement of road facilities.

The group also recently entered into property development with a minority stake in the freehold Amber Skye condominium. Launched in September 2014, the 109-unit luxury project in Amber Road has sold 10 units to date.

In addition, OKP holds a 10 percent stake in the Lake Life executive condominium (EC) in Jurong, the first EC to be developed on the western side of Singapore in 17 years. Launched last October, it sold 98 percent of its 546 units in just two days.

Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg

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