OKP's net profit falls by 66% in 1H2024 due to absence one-off gain

The Edge Singapore 08-08

OKP's net profit dives 66% due to absence of one-off gain from arbitral award Infrastructure and civil engineering company, OKP Holdings 5cf anounced a 66.1% decline in net profit to $12.1 million in ...

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In 1HFY2023 OKP had one-off item under other gains from an arbitral award in relation to a contract. \nIn 1HFY2024, OKP reported 5.6% y-o-y increase in revenue to $73.9 million due to higher contribution from the construction segment of $5.6 million, partially offset by a decrease of $1.6 million and $0.1 million from the maintenance segment and rental income, respectively. \nRevenue from the construction segment registered growth to $46.1 million, mainly driven by a higher percentage of revenue recognised from various ongoing and newly awarded construction projects as they progressed to a more active phase in 1H2024. Conversely, revenue from the maintenance segment declined to $24.7 million, mainly due to the completion of certain projects and the reduction in maintenance revenue. The construction and maintenance segments remain the major contributors to the Group’s revenue, representing 62.4% and 33.4% of the Group’s 1H2024 revenue, respectively.\nThe Group’s rental income generated from investment properties experienced a marginal decline to $3.1 million, mainly attributed to the strengthening of the Singapore dollar against the Australian dollar as the rental income generated from the property at 6-8 Bennett Street, East Perth, Western Australia was denominated in Australian dollar. Overall, the Group’s rental income accounted for 4.2% of the Group’s total revenue in 1H2024. \nAs of June 30, the group's net tangible assets stood at $175.3 million, and NTA per share stood at 57.12 cents compared to 54.66 cents at end-December 2023.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2458325656"}