Keong Hong Holdings posts $50.8m net loss in FY23

The company’s net loss rose 9% year-on-year.

Keong Hong Holdings suffered a net loss of $50.8m in the financial year 2023, expanding by 9% year-on-year (YoY) from $46.6m, despite an 18.9% growth in gross revenue to reach $176m.

In a statement, the company it recorded a gross loss of $19.9m during the period, down from $30.8m. This is due to higher construction costs for materials and labour of pre-pandemic projects that are still ongoing.

Its cost of sales was up by 9.6% to $195.9m during the period ending in September 2023.

Meanwhile, its gross revenue increased, driven by the progress in its various ongoing construction projects and the increase in productivity of construction activities.

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During the period Keong Hong Chairman and CEO Ronald Leo said the company repaid its Series 3 medium-term notes and supposed two commercial assets in Japan. The company also acquired its first mixed-use construction project in the Central Business District which will be completed in 2026.

“With the award of the Tengah Plantation main contract works amounting to $293.7m, the Group will be in a stronger position as we progress into 2024. Whilst it is anticipated to be a challenging year ahead, we are cautiously optimistic that the worst is behind us,” Leo said.

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