Koon profit down to S$0.5m in 1H2012

This is despite a 178.4% increase in revenue.

Koon Holdings Limited said it recorded a 178.4% increase in revenue to S$99.3 million as it recorded higher sales contributions across all of its business segments.

Revenue from the Construction division grew 40.5% to S$41.3 million mainly attributable to major projects that were secured in 2011, such as construction work at Tampines Logistics Park, rehabilitation and earthworks at landfill site off Tampines Road as well as construction of Seletar Link and widening of Tampines Expressway.

Meanwhile revenue from the Precast division grew by approximately S$41.6 million or more than six-fold to S$47.9 million in 1H2012. The Group also recorded maiden sales contributions of S$9.7 million and S$0.5 million from its Property and Electric Power Generation respectively.

However, the Group’s profit before tax decreased from S$5.5 million to S$0.9 million in 1H2012, due to the inclusion of S$8.6 million non-operating income in 1H2011 arising from the gain from disposal of property and dividend income from Koon Zinkcon as compared to the net gain on deemed disposal of associate of S$0.6 million for 1H2012.

Overall, net profit attributable to shareholders decreased from S$6.3 million in 1H2011 to S$0.5 million in 1H2012.