>

>

KSH sinks into red with net loss of $31.5 mil for FY2024

By Nicole Lim

/ The Edge Singapore |

May 30, 2024 7:33 PM SGT

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 (Photo: KSH)

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.

Read also: Private home prices up 1.4% q-o-q in 1Q2024 even as sentiment turns cautious

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.

Tags:

KSH KSH Holdings The Arcady at Boon Keng

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Perennial Holdings and Far East Organization unveil Golden Mile Singapore, and will launch the strata commercial units this month

2

Government ramps up private housing supply; offers three EC sites on Confirmed List

3

Novo Place hits 88.1% as 137 units snapped up in second balloting

4

Project Spotlight: This condo in Ang Mo Kio has 241 profitable and no unprofitable transactions

5

What’s next for Bayshore

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00