For 1H20, the developer achieved a 66.4% increase in total revenue to $126.6 million from $76.1 million a year ago while earnings rose 51.6% to $11.1 million compared to $7.3 million in 1H19.
The group has proposed an interim cash dividend of 1 cent per share.
In 2Q20, revenue grew 67% to $58.8 million from $35.2 million a year ago. This comprised of a 70% growth in project revenue to $57.3 million and a 3.7% growth in rental income from investment properties to $1.5 million. Meanwhile, other income grew 12.4% to $2.9 million.
With costs rising 65.2% to 60.4 million, 2Q20 profit from operations before share of results of associates and JVs came in at $1.27 million, 4.1% higher y-o-y.
Share of results of associates and JVs increased to $5.3 million in 2Q20, from $0.9 million in 2Q19, mainly due to sales and progress in construction from developments Affinity@Serangoon, Riverfront Residence and Park Colonial in Singapore.
As at Sept 30, KSH has cash and bank balances of $73.6 million while order book remains healthy at more than $351.4 million.
In China, the group’s 22.5%-owned associate, Gaobeidian City KAP Real Estate Development Co., recently launched 216 residential units in Phase 1 of Stage 1 of the residential development project, Sino-Singapore Health City, in Gaobeidian, in Hebei province. Gaobeidian is near to Beijing, other main cities and the newly proposed special economic zone, Xiong’an New Area.
See: KSH sets its sights on Gaobeidian bonanza
See also: KSH, Oxley, Heeton and Lian Beng invest $30 mil in Gaobeidian project developer
See also: Heeton-KSH-Oxley-SLB JV delays Nov launch of Gaobeidian project amid trade war
In Singapore, the company has also sold more than 2,550 units at Affinity@Serangoon, Riverfront Residences, Park Colonial and Rezi 24.
Year to date, shares in KSH are down 0.5 cent at 47 cents.
