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.

Revenue from the hotel and food and beverage businesses eased 14.1 per cent to $12.8 million this year from $14.9 million last year. This was due mainly to lower occupancy rates.

Net asset value per share was 65 cents as at Oct 31, up from 64 cents as at Jan 31. Earnings per share came in at 1.41 cents for the quarter, down from 3.73 cents in the same period last year.