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SINGAPORE (Sept 12): Property developer Low Keng Huat (Singapore) saw its earning surge more than eightfold to $4.2 million for the 2Q18 ended July, from $0.5 million a year ago.
This was attributable to a more than fivefold jump in 2Q18 revenue to $77.9 million, from $13.6 million a year ago.
The increase was mainly due to increased sales in its development segment. The group reports that it has fully sold its Kismis Residences and Tranquilia @ Kismis properties.
The higher revenue was partially offset by decreased revenue in its hotel segment.
The group saw lower revenue at Duxton Hotel Perth due to lower occupancy and room rates in a sluggish market condition. It also saw lower revenue from its food and beverage business due to closure of outlets.
As at end July, cash and cash equivalents stood at $135.1 million.
Looking ahead, the group says it will continue to be selective in land bidding and investment projects, amid a more subdued residential property market since the recent tightening of property cooling measures.
In addition, it says it will strive to maintain rental rates for renewals.
Shares in Low Keng Huat closed flat at 55 cents on Thursday.