OKH Global has reported earnings of $3.6 million for the FY2021 ended June, reversing from losses of $22.4 million in the same period the year before.
As a result, earnings per share (EPS) stood at 32 cents compared to the loss per share of 1.98 cents in FY2020.
Revenue for the period increased by 5.8% y-o-y to $16.1 million, due to increased leasing activities in the group’s property investment segment.
The lack of rental rebates given to eligible tenants in FY2021 also contributed to the higher figure.
Cost of sales fell 19.7% y-o-y to $1.1 million.
Accordingly, gross profit grew by 8.2% y-o-y to $15.0 million.
As a result, OKH Global’s gross profit margin (GPM) stood 2.1 percentage points higher y-o-y at 93.2%.
Other income fell 77.3% y-o-y to $1.3 million, mainly due to the absence of one-off income derived from the gain on disposal of investment properties of around $1.1 million.
The lower other income was also due to the absence of grant income, gain from surrendering of an insurance policy and the dividend income from the group’s investment in a financial asset at fair value through profit or loss.
Other income in FY2021 is mainly derived from $0.93 million of grant income.
Loss allowance on trade and other receivables fell 85% y-o-y to $180,000 from $1.2 million in the FY2020 due to less impairment loss on amount due from a joint venture made in FY2021.
As at June, cash and cash equivalents stood at $10.6 million.
No dividends have been declared.
Looking ahead, OKH Global says it may monetise some of its assets under its portfolio of development and investment properties.
This is done to “further strengthen the financial strength of the group as it explores new business opportunities”.
Shares in OKH Global closed flat at 2 cents on Sept 29.
