SINGAPORE (May 9): Koh Brothers, the property developer and construction company, reported a 6% rise in 1Q19 earnings to $1.3 million from $1.2 million in 1Q18.

1Q19 earnings per share rose to 0.31 cent from 0.29 cent in 1Q18 while net asset value per share increased to 71.75 cents at end March compared to 68.42 cents at end December.

Koh Brothers reported 1Q19 revenue of $78.6 million, a 17% increase from $67.1 million in 1Q18, mainly lifted by higher contribution from the Construction and Building Materials division.

In tandem with the higher topline, gross profit rose 4% to $6.4 million in 1Q19 compared to $6.1 million a year ago.

Other income decreased to $1.0 million in 1Q19 from $1.9 million in 1Q18 due to lower interest income earned.

Share of result from associated companies and joint ventures rose 1% to $2.6 million in 1Q19 from $2.5 million recorded in 1Q18 due to progressive recognition of profit from the Nonhyeon I Park project in Seoul, South Korea.

As at March 31, cash and bank balances remained healthy at $48.2 million while shareholders’ equity stood at $295.9 million.

The group’s debt servicing ability with liquidity remains at a ratio of 2.2 times and net gearing ratio of 1.0 times.

Koh Brothers says several projects secured recently contributed to construction order book of $632.3 million as at March 31.

Koh Brothers currently owns three freehold development sites in the Holland Village vicinity – the wholly-owned Van Holland project (formerly known as Toho Mansion) and two 20%-owned joint-venture development sites, Hollandia and Estoril.

While the Van Holland project is expected to launch in the second half of this year, the group recognises that the operating environment remains challenging.

Shares in Koh Brothers closed at 22 cents on Thursday.

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