KSH’s net profit surges 244% to $23.2m in Q2

Thanks to the completion of a project in Beijing.

Mainboard-listed property developer KSH Holdings reported a staggering 244% jump in its net profit for Q3, mostly due to the completion of a property development project in Beijing.

The Liang Jing Ming Ju Phase 4 – Sequoia Mansion contributed $15.8m to the group’s bottom line. KSH Holdings also enjoyed higher contributions from associates on back of higher progress recognition from development projects.

According to OCBC, KSH’s stellar results are likely to become lacklustre once FY17 rolls in.

“While we continue to believe in management’s execution ability, we see a diminished scope for earnings growth in FY17 due to the absence of major TOPs next year and an uncertain outlook for the domestic residential market,” OCBC said.