Excluding the one-off gain, Keong Hong registered an operating profit of $20.4 million in FY17, down from from $37.7 million in FY16. The decline was mainly due to loss from the share of results of joint ventures and associates and the absence of lump sum profits from property development.
SINGAPORE (Nov 28): Keong Hong Holdings, the homegrown property construction, development and investment group, reported earnings of $70.2 million for the FY17 ended Sept.
This is a 86.4% improvement over FY16’s earnings, lifted by an exceptional gain of $49.8 million on fair value gains on investment upon ceasing equity accounting in joint ventures.
