Property developer and construction firm Low Keng Huat on Friday said its third-quarter net profit rose 28 per cent on-year to S$16.6 million.
Revenue for the three months ended October 31 almost quadrupled to S$205 million, thanks mainly to significant increases in its construction revenue.
Its third-quarter construction revenue had jumped more than four-fold year-on-year, due to completions of two projects – Hard Rock Hotel at Sentosa and Meritus Mandarin Hotel.
It was also boosted by the start of a new project, nex, at Serangoon Central Mall.
The sharp increase in construction revenue made up for the fall in the firm’s revenue from its hotel and food & beverage businesses, which decreased by 14 per cent.
Low Keng Huat manages the Duxton brand of hotels in Singapore, Perth and Ho Chi Minh City.
Looking ahead, the company said the overall economic environment has improved during the last six months.
Nonetheless, the firm said it will continue to focus on its core business, improve operational efficiency and implement cost management measures.
Source : Channel NewsAsia – 11 Dec 2009