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OKP FY18 earnings halved to $6.5 mil on lower sales and share of profit of JVs, higher other losses

PC Lee
PC Lee2/27/2019 11:15 PM GMT+08  • 2 min read
OKP FY18 earnings halved to $6.5 mil on lower sales and share of profit of JVs, higher other losses
SINGAPORE (Feb 27): OKP Holdings, the infrastructure and civil engineering company, reported 4Q18 earnings of $2.7 million, bringing FY18 earnings to $6.5 million, down 49% from a year ago.
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SINGAPORE (Feb 27): OKP Holdings, the infrastructure and civil engineering company, reported 4Q18 earnings of $2.7 million, bringing FY18 earnings to $6.5 million, down 49% from a year ago.

FY18 revenue came in at $90.4 million, 23% lower compared to $117.5 million in FY17 due mainly to a decrease in revenue contribution from the group’s construction segment of $46.1 million. The decrease however was partially offset by higher revenue from the maintenance segment of $40.4 million, with a few major maintenance projects in full swing. In addition, there was a significant increase in rental income to $4 million from the newly purchased office property at 6-8 Bennett Street, East Perth, Western Australia.

Cost of sales decreased by 23.6% to $73.1 million for FY18 from $95.7 million for FY17 due to lower sub-contracting costs for specialised works; the decrease in the cost of construction materials due to lesser utilisation of materials; and the decrease in labour costs.

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