Thanks to its maiden property project’s completion.
Keong Hong’s net profit skyrocketed to $38.8m, reflecting a whopping 100.1% surge over FY14’s $19.4m.
According to the company’s annual report, the surge was propelled largely by the completion of Keong Hong’s maiden property development The Twin Waterfalls EC. The property contributed 49.4% of the company's net earnings, while its building construction segment contributed 50.6%.
Meanwhile, Keong Hong’s revenue inched up 3.3% to $282m from FY14’s $282m on back of higher revenue recognition for current projects such as J Gateway, SkyPark Residences EC, The Amore EC, and Parc Life EC.
Gross profit waned to 10.6% from 11.2% for the corresponding period last year on account of higher operating costs such as higher wages, labour levies, safety compliance costs and higher depreciation expenses from raised plant and machinery.
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