SINGAPORE (Feb 13): Integrated property developer OKH Global posted 2Q earnings of $859,000 for the 2Q17 ended Dec, reversing from a loss of $2.1 million in 2Q16 on higher gross profit margin from property investment.
However, OKH Global still registered a loss of $1.03 million for 1H17 although this was 86.8% smaller than the loss of $7.8 million in 1H16.
Revenue for 2Q17 fell 13.2% to $2.9 million while cost of sales fell 35.2% to $1.5 million.
Revenue from Construction Services was $0.02 million as compared to $0.83 million in 2Q16. This was due to the completion of most of the third party construction contracts in the earlier quarters.
There was no revenue from Property Development in 2Q17 as none of the group’s development projects achieved any temporary occupancy permit (TOP) during the quarter and no additional sales from the completed projects during the quarter.
Revenue from Property Investment for 2Q17 was $2.87 million, 14.9% higher as compared to $2.50 million in 2Q16. The increment was attributed mainly to rental income received from the leased units in Loyang Enterprise.
The group recorded a gross profit of $1.35 million in 2Q17, as compared to $0.95 million in 2Q16. The reason for the higher gross profit achieved in 2Q17 was due to lower cost incurred to generate income for its investment properties.
Other income for 2Q17 was higher at $3.62 million as compared to $0.26 million in 2Q16.
Shares of OKH Global closed 2.9% higher at 7 cents.
