Koh Brothers’ full-year net profit drops 30% to S$27.7m

Property developer and construction firm Koh Brothers has said its full-year net profit fell 30 per cent in 2008 to S$27.7 million.

The fall was mainly due to the absence of revaluation gains which it had booked in the previous financial year.

Revenue for the 12 months ended December dropped 24 per cent to S$216 million.

CEO Francis Koh said the company is in the midst of a challenging period and will continue to monitor the market for its real estate division.

The company said it will launch projects on hand at the appropriate time.

Mr Koh said the company has over S$600 million of contracts in hand for its construction and building materials segments.

He said these will contribute positively to Koh Brothers’ earnings in the current financial year and the years ahead.

Source : Channel NewsAsia – 25 Feb 2009

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