Construction and property development group KSH Holdings sank into the red in the FY2024 period ended Mar 31, with a net loss of $31.5 million, as compared to a net profit of $22.1 million in the same period last year.

KSH says that the share of results of associates and joint ventures incurred a loss of $5.3 million and was mainly due to the absence of contributions from property development projects.

The group reported a revenue of $214.1 million for the FY2024, a 28.2% y-o-y decrease, attributable to a decrease in revenue from its construction business.

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Rental income from investment properties decreased mainly due to the translation of contributions from the PRC at a weaker foreign exchange translation rate.

The increase in other income to $12.8 million in FY2024 from $11.7 million in FY2023 was attributed to an increase in interest income from fixed deposits and additional loans to associates, which were utilised to finance new projects.

The group’s decline in the cost of construction from $278.1 million in FY2023 to $230.6 million in FY2024 was due to reduced construction work. The cost of construction for projects awarded just before or during the COVID-19 pandemic was exacerbated by the prolonged construction periods, labour shortages, higher materials costs, overheads, utilities, logistics expenses, workers’ dormitory expenses, equipment rentals, and subcontractor costs.

The group’s cash and bank balances came in at $134.6 million, and loans and bank borrowings decreased to $133.6 million for the full year.

KSH has declared a final cash dividend of 0.5 cents per ordinary share, bringing the total dividend declared for FY2024 to 1 cents per share.

Shares in KSH Holdings closed 1 cent higher or 4.348% up at 24 cents on May 30.