In line with the lower revenue, gross profit and gross profit margin fell to $2.8 million and 8.6%, respectively, as opposed to $7.5 million and 18.5% in 1Q18.
SINGAPORE (Jan 30): Property developer Keong Hong Holdings saw its earnings double y-o-y to $4 million in 1Q19 from $1.8 million, mainly due to a $4.4 million share of gain from a joint venture company.
The bottomline growth came in spite of an 18.6% decline in quarterly revenue to $33.2 million from $40.8 million on the back of lower recognition of revenue from construction projects such as Parc Life and Raffles Hospital Extension, which had largely been completed in the previous financial year.
