OKP Holdings has reversed back into the black with earnings of $3.3 million for the FY2020 ended December, compared to the $378,000 loss it posted in FY2019.

Earnings per share stood at 1.07 cents from loss per share of 0.12 cents a year ago.

Revenue for the FY2020 fell 14.5% y-o-y to $69.6 million, due to lower contributions from the construction and maintenance segments, and partly offset by 9.9% higher rental income at $6.3 million.

The increase in rental income was due to rental income from 6-8 Bennett Street in Perth, Australia, which has been fully occupied since the 2QFY2019 ended June.

SEE: OKP to acquire Tagore Lane property for $8 mil

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The construction segment continues to be the biggest contributor to the group’s revenue at 66.2% of its total revenue for the FY2020, up slightly from the 61.4% contribution to FY2019’s revenue.

FY2020 gross profit dropped 32% y-o-y to $7.4 million while gross profit margin (GPM) dipped 2.7 percentage points to 10.6% for the FY2020.

Other gains increased by $8.2 million to $10.7 million from government support measures.

There was a one-off reversal of impairment allowance of $1.2 million following the completion of the disposal of CS Amber Development Pte Ltd, and a $0.8 million gain on foreign exchange largely due to the appreciation of the Australian dollar against the Singapore dollar.

Cash and cash equivalents as at Dec 31, 2020, stood at $74 million.

For more stories about where the money flows, click here for our Capital section 

The board has proposed a final dividend of 0.7 cents per share for the FY2020.

As at Dec 31, 2020, the group’s order book stood at $254.0 million with projects extending till 2023.

Shares in OKP closed flat at 17.6 cents on Feb 22.