Mainboard-listed Koh Brothers Group has posted a 166-percent increase in net profit to $3 million for Q1 this year. The Q1 result was achieved on the back of a 39-percent increase in sales to $84.8 million, which was mainly attributed to the company’s Construction & Building Materials division.
The company’s profit before tax also increased 262 percent to $3.7 million compared to $1 million in the same period last year.
Current projects include Punggol Waterway Parts One and Two, River Valley High School and Hostel, the Common Service Tunnel at the Business Financial Centre, public housing at Choa Chu Kang and Downtown Line 1 Bugis Station.
Francis Koh, Chief Executive Officer and Group Managing Director of Koh Brothers, said: “We have navigated through a turbulent year caused by the global credit crunch and have emerged resilient with an improved set of numbers for both top and bottomlines. Construction and Building Materials division continues to be our main driver of growth given our established brand name and strong track record. I am optimistic that with our strong cash position, we are well positioned to seize more opportunities, while exercising prudence in tendering for these projects.”
The Singapore economy grew 13.1 percent in Q1 this year, and with a positive start, MTI is now predicting a growth of seven percent to nine percent this year.
“We expect the residential property market to continue being active in 2010, with general market sentiments on the positive side. We will monitor our Real Estate division closely and release more residential units for sale at the appropriate time. As for the Construction and Building Materials division, we have a healthy order book over the next two years. Also, we are pleased by the Government’s decision to sustain the current level of infrastructure expenditure,” Mr. Koh added.