This was mainly due to lower volume of mechanical and electrical (M&E) contracts in progress during the quarter.
King Wan saw its share of profit of associates shrink by some $2.6 million compared to a year ago. This was due to the absence of share of profit from its investment in the Skywoods, a residential development project in Singapore, which had been fully completed and sold in the prior period.
As at end June, cash and cash equivalents stood at $7.4 million.
Looking ahead, King Wan says the M&E segment, which looks to remain the group’s core business, is expected to remain challenging in the next 12 months with continuous pressures on contract values and stiff competition for new projects.
Shares of King Wan closed 0.2 cents higher at 16.2 cents on Tuesday.
