SINGAPORE (Nov 28): Keong Hong Holdings, the property developer and builder, reported 4Q18 earnings fell 86.9% to $6.8 million compared to $52.1 million in 4Q17. This brings FY18 earning to $22.1 million, 64.8% lower than $62.7 million in FY17.

During the quarter, revenue decreased 45.6% to $53.2 million from $97.7 million a year ago, mainly due to lower contribution from the group’s construction projects as some of the projects, such as Parc Life and Raffles Hospital Extension had largely been completed in the previous financial year.

The decrease in revenue was partially offset by higher revenue contribution from the construction of Seaside Residences condominium and National Skin Centre. As cost of sales saw a 55.4% y-o-y decrease to $38.6 million, gross profit for 4Q18 came in 28.7% higher at $14.6 million.

Read more on The Edge Singapore.