OKP Holdings suffers big drop in profit on account of margin squeeze
OKP Holdings has suffered a sharp drop in second quarter net profit to $711,000 from $3.1 million.
This was despite a 27.6 per cent jump in revenue to $30.1 million for the three months to June 30.
The infrastructure and civil engineering company attributed the higher revenue to sale recognition from its existing projects as well as newly-awarded contracts.
This was, however, offset by higher cost of works mainly arising from increases in sub-contracting costs, labour costs and additional costs incurred for some sewer-related projects.