Low Keng Huat reports 99% fall in 2Q17 earnings on absence of one-off gain

SINGAPORE (Sept 15): Low Keng Huat, the construction company and developer, reported 2Q17 earnings fell 99% to $474,000 from $43.1 million a year ago due to an extraordinary gain of $53.8 million from the sale of Duxton Hotel Saigon in 2Q16.

Revenue for the three months ended July rose 59% to $13.6 million. Development revenue of $3.6 million was recognised in 2Q17 while none was recognised a year ago. Revenue from investments decreased by $0.2 million to $4.3 million while revenue for hotel and F&B business increased by $1.8 million to $5.7 million.