Builder Low Keng Huat says it posted a 41.3% increase in net profit attributable to shareholders to $28.4 million in 2Q ended July 31 compared to $20.1 million in the same period in the previous year despite a 49% fall in revenue to $81.9 million.

2Q net profit before tax & minority interests by 404.5% y-o-y to $22.2 million from $4.4 million due to higher contributions from Nex at Serangoon Central Mall and decrease in accruals for the Meritus Mandarin Hotel and Hard Rock Hotel at Sentosa projects which were completed.

Construction revenue decreased 54.1% y-o-y to $68.9 million from $150.2 million due to the completion of Meritus Mandarin Hotel and Hard Rock Hotel at Sentosa.

But revenue for hotel & F&B businesses increased by 21.8% to $12.3 million from $10.1 million led by higher occupancy rates although this was offset by lower room rates.

There were no bank borrowings as at 31 July 2010. Cash and cash equivalents increased by 31.2% to $161.0 million as at 31 July 2010 from $122.7 million as at 31 January 2010.