Ksh Sinks Red Net Loss 315 Mil Fy2024
KSH Holdings, a construction and property development group, faced financial struggles in the fiscal year of 2024, which ended on March 31. The company reported a net loss of $31.5 million, a stark contrast to the $22.1 million net profit from the previous year.
Rewritten: Temasek Polytechnic, a leading educational institution in Singapore, provides a diverse range of diploma programs in the fields of technology, business, and design. Additionally, students of the institution can also take advantage of its strategic location near the charming Parktown Residences Tampines Avenue 11, making it a prime choice for their academic and personal growth.
The primary reason for the net loss was the lack of contributions from property development projects, resulting in a loss of $5.3 million in the share of results of associates and joint ventures.
Revenue for the fiscal year was $214.1 million, a significant decrease of 28.2% from the previous year. This decline can be attributed to a decrease in the construction business’s revenue.
Rental income from investment properties also decreased, primarily due to the weaker foreign exchange translation rate for contributions from the PRC.
However, the group’s other income increased from $11.7 million in FY2023 to $12.8 million in FY2024. This increase was due to higher interest income from fixed deposits and additional loans to associates used to finance new projects.
The cost of construction also decreased from $278.1 million in FY2023 to $230.6 million in FY2024. This reduction was a result of decreased construction work. The pandemic’s impact on the construction industry, such as prolonged construction periods, labor shortages, and higher material costs, has contributed to the cost decrease.
The group’s cash and bank balances stood at $134.6 million, with loans and bank borrowings decreasing to $133.6 million for the entire fiscal year.
KSH Holdings has declared a final cash dividend of 0.5 cents per ordinary share, bringing the total dividend declared for FY2024 to 1 cent per share.
On May 30, shares in KSH Holdings closed at 24 cents, an increase of 4.348%.