SINGAPORE (Jan 30): Property developer Keong Hong Holdings saw its earnings double y-o-y to $4 million in 1Q19 from $1.8 million, mainly due to a $4.4 million share of gain from a joint venture company.
The bottomline growth came in spite of an 18.6% decline in quarterly revenue to $33.2 million from $40.8 million on the back of lower recognition of revenue from construction projects such as Parc Life and Raffles Hospital Extension, which had largely been completed in the previous financial year.
In line with the lower revenue, gross profit and gross profit margin fell to $2.8 million and 8.6%, respectively, as opposed to $7.5 million and 18.5% in 1Q18.
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