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.
