KSH Holdings has reported a net loss of $6.5 million for the 1HFY2025 ended September, up 48.6% y-o-y from a loss of $12.6 million in the same period last year. 

 

Loss per share stood at 1.17 cents, as compared to a loss per share of 2.23 cents in 1HFY2024. 

 

Meanwhile, the group&rsquo s revenue was down 64.3% y-o-y at $52.7 million for 1HFY2025, due to lower revenue from the KSH&rsquo s construction business, which registered a $95.8 million decrease to $50.0 million in the same period. This came on the back of the completion of various projects awarded just before or during the Covid-19 pandemic, while projects awarded and commenced post-pandemic period were still in the early stages of construction.

 

For the period, cost of construction saw a decrease of $104.3 million to $45.2 million, due to a reduction in construction works. That said, the group says the construction business has since turned around with a positive gross profit margin in 1HFY2025.

 

Finance costs decreased by $1.5 million to $2.6 million in 1HFY2025, mainly attributed to lower gearing while other operating expenses decreased by $0.3 million to $3.1 million due to a decline in unrealised foreign exchange losses.

 

As at Sept 30, the group&rsquo s fixed deposits, cash and bank balances, totalled over $120.7 million, while gearing ratio stood at 0.28 times. The group&rsquo s total loans and borrowings dropped to $85.3 million for 1HFY2025, from $133.6 million in the same period last year. 

 

KSH Holdings says the group will be proposing an interim cash dividend of 0.5 cents. 

Construction and property firm KSH Holdings has guided for a net loss for the 1HFY2025 ended September. 

 

Despite a turnaround in the group&rsquo s construction business, which saw a positive contribution margin, the group says the overall net loss for 1HFY2025 was mainly attributable to losses incurred by the property development projects of associates and joint ventures. 

 

This came on the back of pre-launch expenses, finance costs, sales and marketing expenses, and other operating costs that were recognised before revenue from units sold could be recognised in accordance with the adopted accounting standards, adds the group. 

 

The group plans to report 1HY2025 financial results on or around Nov 14. 

Construction and property development group KSH Holdings sank into the red in the FY2024 period ended Mar 31, with a net loss of $31.5 million, as compared to a net profit of $22.1 million in the same period last year. 

 

KSH says that share of results of associates and joint ventures incurred a loss of $5.3 million, and was mainly due to the absence of contribution from property development projects. 

 

The group reported a revenue of $214.1 million for the FY2024, a 28.2% y-o-y decrease, attributable to a decrease in revenue from its construction business. 

 

Rental income from investment properties decreased mainly due to the translation of contributions from the PRC at a weaker foreign exchange translation rate.

 

The increase in other income to $12.8 million in FY2024 from $11.7 million in FY2023 was attributed to an increase in interest income from fixed deposits and additional loans to associates, which were utilised to finance new projects.

 

The group&rsquo s decline in cost of construction from $278.1 million in FY2023 to $230.6 million in FY2024 was due to reduced construction works. Cost of construction for projects awarded just before or during the Covid-19 pandemic was exacerbated by the prolonged construction periods, labour shortages, and higher materials costs, overheads, utilities, logistics expenses, workers&rsquo dormitory expenses, equipment rentals, and subcontractor costs.

 

The group&rsquo s cash and bank balances came in at $134.6 million, and loans and bank borrowings decreased to $133.6 million for the full year. 

 

KSH has declared a final cash dividend of 0.5 cents per ordinary share, bringing the total dividend declared for FY2024 to 1 cents per share. 

 

AEM shares drop following new CEO appointment third C-suite change in a year

 

AEM Holdings shares dropped following news of a new CEO.

 

As at 9.10am, AEM shares were down 4.59% to $1.87, on relatively heavy volume.

 

Amy Leong, previously with Nasdaq-listed FormFactor, is taking over from Chandra Nair with effect from July.

 

Leong' s appointment follows " many months" of search.

 

In its note on May 31, DBS, which warns of some " near term volatility" of the share price, points out that this is the third change in the company' s C-suite. 

 

AEM had previously changed its CFO and COO - all within the past year.

 

" The change in CEO may not be well received by the market," says DBS, which has nonetheless maintained its " hold" call and $1.75 target price.

 

KSH Holdings has reported FY2023 earnings of $22.3 million, down $1.9 million from the preceding year ended March 31 2023, as the company&rsquo s share of earnings from associates and joint ventures dropped.

 

Revenue in the same year was up 25.4% to $301.4 million, as KSH booked more construction revenue, which has an order book of more than $240 million as at March 31.

 

The company plans to pay a final dividend of a cent, bringing full year payout to 2 cents.

 

Most of KSH&rsquo s launched development projects in Singapore are either fully sold or almost fully sold to date.

 

It has four on-going property joint ventures in Singapore: Peace Centre/Peace Mansion, Euro-Asia Apartments at 1037 Serangoon Road, Park View Mansions and Bagnall Court.

 

In China, KSH is part of a consortium developing the Singapore Sino Health City in the Gaobeidian county near Beijing.

 

KSH, which holds a 22.5% stake in this project, says that construction for Phase 1 of this project has completed and KSH has started recognising profit for sold units, and that construction for Phase 2 has started.

 

According to KSH, more than 60.9% of the approximately 1,300 units launched in both phases of have been sold.

 

In addition, KSH has a 33.75% stake in another mixed property development in Gaobeidian, which has also contributed positively to its FY2023 earnings.

 

KSH has interests in hospitality too. &ldquo We continue to see recovery in occupancy and average room rates with positive trends from &lsquo pent-up&rsquo travel demand, following the reopening of economies,&rdquo says executive chairman and managing director Choo Chee Onn (picture).

KSH Holdings Limited has reported earnings of $10.1 million for 1HFY2023 ended Sept 30, up 2.5% y-o-y. Revenue in the same period was up $141.6 million, up 24.5% y-o-y.

 

While construction revenue improved following the pandemic disruptions, the company&rsquo s rental income from its investment properties in China suffered.

 

&ldquo We are heartened by the Group&rsquo s continued financial resilience, with improvement from our core construction segment,&rdquo says executive chairman and managing director Choo Chee Onn (picture).

 

&ldquo We are focused on the smooth execution of our healthy order book of over $393 million, which is expected to contribute to the group&rsquo s financial results up to the financial year ending March 2025.&rdquo

 

The company plans to pay an interim dividend of a cent per share, representing a payout ratio of 55.9%.

 

The company has three on-going property development joint ventures in Singapore.

 

They are at District 9 Peace Centre / Peace Mansion, the redevelopment of the Euro-Asia Apartments at 1037 Serangoon Road into a 172-unit apartment block, as well as Park View Mansions at Yuan Ching Road within to Jurong Lake District.

 

In addition, KSH says its other on going development called the Singapore Sino Health City in China&rsquo s Gaobeidian county is &ldquo progressing well&rdquo , with more than 70% of the units launched in Phases 1 and 2 sold.

 

Last month, KSH announced it has an effective stake of 33.75% in another mixed development also in Gaobeidian. This project is expected to contribute positively to the company&rsquo s current FY earnings.