Monday, February 22, 2010

Koh Brothers Reports Net Profit of S$10.7 mil for FY2009

Koh Brothers Reports Net Profit of S$10.7 mil for FY2009
  • Revenue climbs 55% to S$333.8 million on the back of improved performance from the Group’s Real Estate and Construction & Building Materials divisions
  • Excluding exceptional items, Group net profit jumps 347% to S$12.1 million
  • Proposes first and final dividend of 0.3 cent per ordinary share
  • Healthy order book of over S$485 million for Construction and Building Materials division
Come to think of the meagre 61% lower dividend for FY2009 as compared to FY2008 makes me sigh. However, looking on the brighter side of the story, the decline is largely due to an exceptional gain of S$25.0 million in FY2008, which arose from gain on disposal of Changi Hotel and acquisition of a subsidiary’s shares from a minority interest. These exceptional events was not repeated in FY2009. Excluding the exceptional items, the Group’s net profit attributable to shareholders for FY2009 would have increased by S$9.4 million or 347% to S$12.1 million.

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