PROPERTY and construction company Koh Brothers on Wednesday said that net profit for its first half ended June 30, 2008 dove to S$528,000 - from S$30.2 million a year ago - as it saw lower sales and smaller revaluation gains from its investment properties.
Revenue declined 14.0 per cent to S$118.2 million, from S$137.1 million a year ago. The decrease in turnover was mainly due to the completion of some projects in 2007.Earnings per share for H1 2008 fell to 0.11 Singapore cents, from 6.29 Singapore cents for the same six months in 2007.
The group will continue to selectively bid for more large-scale public sector projects that generate higher return and better profit margin in the future, Koh Brothers said. It also expects its building materials business to continue to contribute positively to results.
But on the property front, Koh Brothers is cautious on the outlook of the property market and will continue to monitor the market closely as it considers releasing new projects at the opportune time, it said.
Koh Brothers' stock closed unchanged at 19.5 Singapore cents on Wednesday.
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