Low Keng Huat posts 201 per cent spike in full-year earnings

High profits from its development segment helped construction group Low Keng Huat (Singapore) rack up a 201 per cent surge in full-year earnings.

The firm recorded net profit of $144.9 million for the 12 months to Jan 31, up from the $48.1 million a year ago.

Earnings for the fourth quarter rose by a whopping 816 per cent to $61.4 million.

Full-year revenue came in at $1.24 billion, well up on the $79.7 million from a year earlier.

Revenue for the quarter was at $779.9 million, up from the $22 million previously.

The increase in turnover was due to the recognition of revenue from two development projects, Parkland Residences and Paya Lebar Square, said Low Keng Huat in a filing to the Singapore Exchange on Friday.

Both projects obtained their temporary occupation permits late last year.

Earnings per share as at Jan 31 came in at 19.62 cents, up from the 6.51 cents the year before, while net asset per share stood at 82 cents, up from 65 cents previously.

The group has proposed a final dividend of three cents per share, along with a special cash dividend of two cents. Both will be paid out on Jun 11.