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News - Detailed News Story

Property development a drag on OKP as Q1 earnings plunge 62.4%

08 May 2019 09:00

By Annabeth Leow

MAINBOARD-LISTED construction player OKP Holdings' earnings have been dragged down by its property development ventures, even as the core construction business cooled.

Net profit plunged by 62.4 per cent for the three months to March 31, to S$1.07 million, according to results released on Monday.

Revenue was down by 16.8 per cent to S$19.2 million, on a fall in contributions from the construction and maintenance segments, even as the property investment arm charted gains on rental income from a Perth office tower bought in April last year.

OKP also notched a share of losses of S$531,000 from associates and joint ventures - mainly from the minority-owned vehicles developing The Essence and Phoenix Heights.


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Attachments: Source: Business Times
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