Koh Brothers Group, the construction, property development and specialist engineering solutions provider, today reported a 166% surge in net profit attributable to shareholders to $3 million for the first quarter ended March 31, 2010 (1QFY2010), compared to the previous corresponding period (1QFY2009). This was achieved on the back of a 39% increase in sales to $84.8 million mainly attributable to the group’s Construction & Building Materials division.

The group’s profit before tax also surged by 262% to $3.7 million compared to $1 million in the previous corresponding period.

Current projects include the Downtown Line 1 Bugis Station, Punggol Waterway Parts One and Two, the Common Service Tunnel at the Business Financial Centre, River Valley High School and Hostel and public housing at Choa Chu Kang.

Francis Koh, Group Managing Director and CEO of Koh Brothers, says: “We have navigated through a turbulent year caused by the global credit crunch and have emerged resilient with an improved set of numbers for both top and bottomlines. Construction and Building Materials division continues to be our main driver of growth given our established brand name and strong track record. I am optimistic that with our strong cash position, we are well positioned to seize more opportunities, while exercising prudence in tendering for these projects.”

The Singapore economy grew by 13.1% in the first quarter of 2010. With this positive start, MTI is now forecasting a growth of 7% to 9% for 2010.

“We expect the residential property market to continue being active in 2010, with general market sentiments on the positive side. We will monitor our Real Estate division closely and release more residential units for sale at the appropriate time. As for the Construction and Building Materials division, we have a healthy order book over the next two years. Also, we are pleased by the Government’s decision to sustain the current level of infrastructure expenditure,” adds Koh.

The outlook for the Hospitality division has improved, with an increase in occupancy rate. The group is cautiously optimistic that this trend will continue.