SINGAPORE (Feb 13): KOP Limited sunk to a loss of $667,000 in 3Q17 from earnings of $231,000 in 3Q16.
Quarterly revenue for the three months ended Dec fell 37% to $5.3 million from $8.5 million. The decrease was mainly due to lower sales from the real-estate development and investment segment, real-estate origination and management services segment and hospitality segment. The decrease was partially offset by the increase in revenue from the entertainment segment.
The decrease in revenue from the real estate development and investment segment was mainly due to the decrease in sale arising from the handover of completed properties of Montigo Resorts, Nongsa during 3Q17.
The decrease in revenue from the real estate origination and management services was mainly due to lesser management fees charged during 3Q17. The decrease in revenue from the hospitality segment was mainly due to the sale of Cranley Hotel in 1Q17.
The increase in revenue from the entertainment segment was mainly due to assignment of distribution rights during 3Q17.
Gross profit decreased by 7% from $2.4 million in 3Q16 to $2.2 million in 3Q17.
Other operating income increased by $0.4 million from $1.1 million in 3Q16 to $1.5 million in 3Q17 mainly due to bad debts recovered and the increase in net foreign exchange gain during the period, offset by the decrease in interest income.
For the 9M17 ended, earnings more than doubled to $4.6 million from $2.1 million on higher operating income.
Shares of KOP closed at 9 cents.
