Low Keng Huat's net profit skyrockets 293% to $46.4m

Sales from Duxton Hotel Saigon propelled its earnings.

All is in the right time for Low Keng Huat, as its earnings are significantly lifted by the sales of Duxton Hotel Saigon from nosediving into the red for the first half of the year.

For the six months ending in July, its earnings nearly tripled to $$46.4 million from $11.8 million a year ago.

"The increase was mainly due to higher profit in hotel segment. If extraordinary income from sale of Duxton Hotel Saigon is excluded, net profit attributable to shareholders would decreased to a loss of $3.6M," the group said.

Meanwhile, its revenue significantly decreased by $22.7 million to $24.4 million.

"The decrease was mainly due to decrease in construction activity as Genting Hotel at Jurong obtained TOP on 31 March 2015 and lower room rates and occupancy in Duxton Perth in 1H current year," Low Keng Huat noted.

Looking ahead, the group expects that the cooling measures introduced by the state will continue to slow down the already sluggish property market.

"The Group will continue to be selective in land bidding and investments projects," the group said.