Full year profit for KSH Holdings nearly doubles to $36.3 million

HIGHER profit recognition from several joint-venture projects and increase construction business sent the numbers rocketing at KSH Holdings last year.

Its full-year net profit nearly doubled to $36.3 million for the year to March 31 while revenue rose 35.8 per cent to $231.6 million.

KSH's construction arm made up the bulk of revenue at $206.3 million while property sales and rental income contributed the remaining $25.3 million.

The property development and management firm was was also awarded the Building and Construction Authority's Excellence Awards for its work on the Fullerton Bay Hotel and the University Town Educational Resource Centre at the National University of Singapore.

Executive chairman and managing director Choo Chee Onn said in a statement: "The construction industry in Singapore is not without challenges and there has been some impact from the shortage of labour and equipment, rising competition, uncertainties in material prices and rising costs of operation.

"Notwithstanding these challenges, KSH has been awarded with contract wins amounting to approximately $234.4 million to date in 2013."

The three contracts are for the construction of the Q Bay Residences condominium, a building for JTC's cooling water system at Ayer Rajah and a mixed development comprising condominiums, office and commercial units in Beijing.

These projects helped lift KSH's order book to $446 million as at April 30.

Earnings per share for the year was 9.49 cents, up from 4.82 cents a year ago, while net asset value per share was 43.55 cents, up from 39.71 cents last year.

The company has proposed a final dividend of 1.15 cents per share, bringing the total payout to 2.5 cents per share for the year.

KSH Holdings shares closed up one cent at 59.5 cents.