SINGAPORE - Keong Hong Holdings, a provider of construction services, reported on Thursday a net profit of $19.7 million in the financial year ended Sept 30, down 10.1 per cent.

Full year revenue was up 86.1 per cent at $272.9 million, due mainly to higher revenue recognition for ongoing projects as well as new projects such as Alexandra Central and J Gateway.

The company projects a less favourable business environment in the next 12 months. Construction demand is set to slow as market volatilities increase, the company said, amid the government's property cooling measures.

To mitigate the risks, Keong Hong has taken steps to form strategic partnerships and alliances with reputable industry players to take on property and hotel development projects.

"Our overseas ventures in Maldives will also provide an alternate revenues stream that will add to the group's overall competitive business position," the company added.

Earnings per share was 11.1 cents, down from 13.9 cents, while net asset value per share was 34.1 cents, down from 41.3 cents in the last financial year.

A final dividend of 1.25 cents a share was recommended, down from two cents last year.

The shares closed flat at 39 cents.

The results were released after the market closed.