SINGAPORE (Dec 8): Construction firm Low Keng Huat posted a 74% fall in 3Q earnings to $3 million from $11.8 million a year ago.

Revenue for the three months to Oct fell 34% to $12.4 million. Revenue for construction fell by half to $0.4 million from a year ago due to absence of construction activity from third-party projects.

Revenue for hotel & F&B businesses fell to $7.6 million from $10.2 million mainly due to sale of Duxton Hotel Saigon in May and lower room rates and lower occupancy in Duxton Hotel Perth.

Zero revenue from development was recognised in the quarter compared to $3.2 million in the previous year which saw the sale of residential units at Parkland Residences and office units at Paya Lebar Development.

Investment revenue decreased to $4.4 million.

For the 9 months to Oct, earnings doubled to $49.4 million from a year ago on sale of the hotel in Saigon.

Low Keng Huat says it will continue to be selective in land bidding and investments projects.

Shares of Low Keng Huat closed 1 cent lower at 56.5 cents.

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