Koh Brothers posts 86% rise in Q2 earnings to $4.8 million

Property group Koh Brothers has reported an 86 per cent rise in second quarter net profit to $4.8 million.

Sales for the three months to June 30 more than doubled to $109.8 million from $50.9 million.

The increase was primarily due to higher revenue from the real estate division.

In line with the increase in sales, gross profit improved by 50 per cent to $15.7 million.

Earnings per share swelled to 1.05 cents from 0.56 cent previously while net asset value per share firmed to 45.29 cents compared to 44.35 cents as at Dec 31.

In the second half year, Koh Brothers expect the level of construction activity to be sustained and are cautiously optimistic of the construction market.

The construction sector will remain challenging on the back of a competitive environment and difficulty in recruiting workers, it added.

Meanwhile, the effects of the various government measures have impacted the residential property market, with the rise in prices of private residential properties slowing.

"Although the measures may have an impact on demand, we believe that the property market will remain stable," it said in a statement.