KSH reports FY2021 loss of S$3.8m on dip in construction, impairment loss

MAINBOARD-LISTED property firm KSH Holdings slid into the red for the financial year ended March 31, dragged by an over 30 per cent drop in its construction business and impairment loss on hotels and investment properties.

It reported a loss of S$3.8 million for the financial year 2021, versus net earnings of S$15.8 million for the previous year. Loss per share came to 0.67 Singapore cent, compared with earnings per share of 2.78 cents a year ago.

Excluding the S$12.8 million losses and impairments relating to valuation of hotels and investment properties, KSH would have reported a net profit of S$9 million, it said in results filed to the Singapore Exchange on Friday.

It raked in revenue of S$153.1 million, a 32.3 per cent year-on-year decrease from S$226.1 million. The firm attributed its lower revenue to a similar percentage decline in contribution from its main revenue driver - the construction business, which was hit by pandemic-induced slowdown in work progress and higher cost.

Other income rose 45.8 per cent from S$11.5 million in FY2020 to S$16.8 million in FY2021, mainly due to government reliefs.

Net asset value per share as at March 31 was 56.86 Singapore cents, marginally lower than 58.18 a year ago.

KSH has proposed paying a final dividend of one Singapore cent per share, lower than the 1.2 cents last year.

The order book stood at S$620 million for the group's construction business as at March 31, while its property development business has over S$416 million of attributable share of progress billings to be recognised as sales revenue post FY2021.

KSH shares ended unchanged at S$0.355 on Friday, before the financial results were released.