Keong Hong Holdings losses widen to $9.5m in 1H24

Besides wider losses, the company reported a 40.9% YoY revenue drop.

Keong Hong Holdings widened its losses to $9.5m in 1H24 from $4.4m in 1H23.

In a previous bourse filing, the company warned shareholders of a net loss in 1H24 due to "loss-making pre-pandemic building construction projects due to higher construction costs for materials and labour."

Apart from wider losses, the company also reported a 40.9% YoY drop in its revenue, reaching $69.8m.

The company attributed the decline to lower revenue recognised in 1H24 for The Antares, Wilshire Residences, Sky Everton and National Skin Centre Phase 1.

Meanwhile, the company also sustained a gross loss of $1.7m, given the 39.2% YoY decline in cost of sales.

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