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OKP posts fourfold rise in 4Q earnings on higher revenue, share of profit

PC Lee
PC Lee • 2 min read
OKP posts fourfold rise in 4Q earnings on higher revenue, share of profit
SINGAPORE (Feb 21): OKP Holdings, the infrastructure engineering specialist, reported a quadrupling of 4Q16 earnings to $8 million from $1.9 million a year ago.
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SINGAPORE (Feb 21): OKP Holdings, the infrastructure engineering specialist, reported a quadrupling of 4Q16 earnings to $8 million from $1.9 million a year ago.

Revenue in 4Q rose 40.6% to $34.5 million from $24.5 million a year ago.

For FY16, earnings more than doubled to $14.3 million from a year ago while revenue rose 7.6% to $111.1 million.

OKP said the increase in full-year earnings was mainly in line with the higher revenue, gross profit and an increase in share of results of associated companies and joint ventures of $2.9 million.

The increase was mainly due to a $2.6 million gain from the share of profit from a joint venture, Lakehomes, the developer of the LakeLife Executive Condominium, based on the recognition of profits from units of the development which are ready for handover.

The group’s construction segment rose 16.7% to $90.5 million in FY16 but this was offset by a 19.9% decline in the maintenance segment’s revenue to $20.6 million.

As at Dec 2016, the group has a net construction order book of $329.9 million, with projects extending till 2019.

Group Managing Director, Or Toh Wat, said the group continues to be optimistic on its prospects given the positive industry outlook, although he warned of the tight manpower market causing strain on its operations.

OKP has declared total dividends of 1.5 cents per share, consisting of 0.7 cent per share in final dividend and 0.8 cent per share in special dividend.

Shares of OKP closed 1 cent higher at 33.5 cents before the results announcement.

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