Low Keng Huat’s net profit crashed 82% to $11.8m in Q3

Due to lower property development, construction revenue.

Low Keng Huat reported an 82% year-on-year plunge in its net profit for the third quarter, on back of a 95% drop in revenue to $18.7m.

The decrease in revenue was mainly due to decrease from development and construction segments, but was offset by an increase from its investment segment.

Meanwhile, cost of sales decreased to just $0.8m in Q3 this year, from $323.1M in the same period last year.

The decrease was mainly due to the recognition of revenue and cost of sales in Q3 previous year on handing over of residential units at Parkland Residences to owners upon TOP and the write back of project cost for completed projects upon finalisation of accounts in construction segment.