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OKH Global losses widen to $70.3 mil on impairment and revaluation

PC Lee
PC Lee8/30/2017 7:21 AM GMT+08  • 2 min read
OKH Global losses widen to $70.3 mil on impairment and revaluation
SINGAPORE (Aug 30): OKH Global, the construction and property group, reported full year losses widened to $70.34 million in FY17 from $16.89 million in FY16 due to $66.27 million in impairment and revaluation losses.
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SINGAPORE (Aug 30): OKH Global, the construction and property group, reported full year losses widened to $70.34 million in FY17 from $16.89 million in FY16 due to $66.27 million in impairment and revaluation losses.

The group undertook a property valuation exercise on all its property assets resulting in an impairment loss on property, plant and equipment of $15.86 million, a loss on revaluation of its investment properties of $27.22 million, a loss on revaluation of asset held for sale of $11.46 million and a loss on revaluation of completed property held for sale of S$10.47 million.

Full year revenue came in 77.6% higher at $134.54 million compared to $75.78 million a year ago largely due to the group’s property development segment as a result of its development project, [email protected] which has obtained its temporary occupancy permit (TOP) during the financial year.

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