Keong Hong Holdings posts $50.8m net loss in FY23

The company’s net loss rose 9% year-on-year.

Keong Hong Holdings suffered a net loss of $50.8m in the financial year 2023, expanding by 9% year-on-year (YoY) from $46.6m, despite an 18.9% growth in gross revenue to reach $176m.

In a statement, the company it recorded a gross loss of $19.9m during the period, down from $30.8m. This is due to higher construction costs for materials and labour of pre-pandemic projects that are still ongoing.

Its cost of sales was up by 9.6% to $195.9m during the period ending in September 2023.

Meanwhile, its gross revenue increased, driven by the progress in its various ongoing construction projects and the increase in productivity of construction activities.

ALSO READ: SG commercial property investment volume cut by more than half in 3Q

During the period Keong Hong Chairman and CEO Ronald Leo said the company repaid its Series 3 medium-term notes and supposed two commercial assets in Japan. The company also acquired its first mixed-use construction project in the Central Business District which will be completed in 2026.

“With the award of the Tengah Plantation main contract works amounting to $293.7m, the Group will be in a stronger position as we progress into 2024. Whilst it is anticipated to be a challenging year ahead, we are cautiously optimistic that the worst is behind us,” Leo said.

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