Low Keng Huat posts more than eightfold surge in 2Q earnings to $4.2 mil on higher revenue

Low Keng Huat posts more than eightfold surge in 2Q earnings to $4.2 mil on higher revenue

By: 
Stanislaus Jude Chan
12/09/18, 10:45 pm

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.

AusGroup to buy housing village & facilities on Australia's Melville Island for $11.4 mil

SINGAPORE (Feb 19): AusGroup, the construction and marine services provider, is acquiring an accommodation village plus facilities worth A$11.8 million ($11.4 million). The village comprises a 119-man accommodation camp, kitchen, administration building and recreational facilities at Port Melville, Melville Island in the Northern Territory of Australia, supporting the Northern Territory oil and gas industry and marine transport industry. The acquisition will be made in cash, and comes without mortgage or security interests. AusGroup’s unit, NT Port and Marine, on Monday signed a gen....
Read More >>

Defensive utility stocks could ride infrastructure boom

SINGAPORE (Feb 18): Utility companies, which are usually deemed to be boring defensive stocks, could turn out to be sexy growth counters. This is because the growing demand for better infrastructure and amenities on the back of the population growth and rising affluence in Asia-Pacific is leading to the implementation of new utility projects in the region. “Because of their strategic significance, utility services have traditionally been provided by the public sector. However, ballooning population growth and fiscal constraints have resulted in more of the world’s utility services to sp....
Read More >>

Space tech start-up Transcelestial lasers in on high-speed connectivity

SINGAPORE (Feb 18): A few months ago, inside a second-storey shophouse in Chinatown, Rohit Jha and his team fired up a PlayStation 4 set. ­Using its controllers, he virtually navigated a small toy car, manoeuvring through a track on a remote rooftop of one of the buildings in Chinatown. The tiny vehicle was monitored by a couple of cameras and linked wirelessly to the team’s office a few blocks away. Jha, CEO and co-founder of space tech start-up Transcelestial, says he often demonstrates the capabilities of the company’s product through the PlayStation setup. The effort has paid off. ....
Read More >>