SINGAPORE - Catalist-listed property developer KOP posted a $418,000 net loss for its fourth quarter ended March 31, narrowing drastically from the $9.0 million net loss a year ago, thanks to higher revenue from its Indonesian luxury resorts.
Loss per share was 0.51 cent for FY2019, compared to the loss per share of 0.79 cent a year ago.
Gross profit for Q4 almost doubled to $2.4 million, from $1.2 million a year ago, largely because of the recognition of sale arising from the handover of completed properties of Montigo Resorts in Nongsa, Indonesia during the quarter, as well as better performance at both Montigo Resorts in Nongsa and Seminyak, Indonesia.
Revenue for the quarter was up 46.6 per cent to $4.8 million, from $3.3 million for Q4 2018.
This was mainly due to higher revenue from three segments: real estate development and investment, real estate origination and management services, and hospitality, KOP said in a bourse filing late on Thursday night.
However, other operating income tumbled by 98 per cent to just $100,000 for the quarter, from $1 million a year ago, because of a decrease in interest from notes receivables, which was partially redeemed during the period.
Net foreign exchange losses for Q4 was $1.2 million, compared to $583,000 for the year prior, due to the conversion of the yuan in relation to KOP's China joint venture Shanghai Snow Star Properties, which is developing a ski resort in Shanghai. During the year, the yuan depreciated against the Singapore dollar.
On a full-year basis, net loss was $5.7 million, compared to a net loss of $7.8 million for FY2018.
Revenue for FY2019 fell 30 per cent to $18.7 million because of lower revenue from the real estate development and investment segment, the real estate origination and management services segment, and the entertainment segment. This decrease was partially offset by an increase in revenue from the hospitality segment, amid better performance from the two Indonesian resorts.
The recognition of a one-off establishment fee from Shanghai Snow Star Properties was the reason for the fall in full-year revenue in the real estate origination and management services segment.
KOP shares closed flat at 4.9 cents on Thursday.