Mainboard-listed Koh Brothers said its second quarter net profit fell 27 per cent on year to S$2.4 million, despite revenue for the period jumping 18 per cent to S$91.8 million.
The group said the decline in net profit was due to a 16 per cent fall in gross profit, resulting from reduced profit margins from the group’s Building Materials subsidiaries.
Managing Director and Group CEO of Koh Brothers, Francis Koh, said the firm remains optimistic of good growth opportunities, in line with the upbeat economy and positive sentiments for both the construction and property segments.
The outlook for the hospitality division has also improved, with an increase in occupancy rates.
Source : Channel NewsAsia – 11 Aug 2010