Construction group Low Keng Huat's third quarter net profit plunges 62 per cent
Third quarter net profit at construction group Low Keng Huat plunged 62 per cent to $10.4 million due to lower profits from hotel and development segments
Revenue for the three months ended Oct 31 declined 32 per cent to $22.2 million, compared with $32.7 million in the same quarter last year, mainly due to a decrease in construction activity and hotel revenue.
Construction revenue decreased by 47.8 per cent to $9.4 million in the third quarter this year, from $18 million in the same quarter the previous financial year.
The decline was due to the completion of Hard Rock Hotel at Sentosa and nex at Serangoon Central Mall last year.