Ksh Sinks Red Net Loss 315 Mil Fy2024

KSH Holdings, a leading construction and property development group, experienced a significant downturn in the FY2024 period ending Mar 31. In comparison to a net profit of $22.1 million in the same period last year, the company faced a net loss of $31.5 million.

According to KSH, the loss was mainly due to the absence of contributions from property development projects, as the share of results of associates and joint ventures incurred a loss of $5.3 million. This dip in revenue resulted in a 28.2% year-on-year decrease in the group’s total revenue, which stood at $214.1 million for the FY2024.

The decrease in revenue was primarily attributed to a decline in the company’s construction business. In addition, rental income from investment properties also saw a decrease, primarily due to the weaker foreign exchange rate for contributions from the PRC.

On a more positive note, the group’s other income for FY2024 increased to $12.8 million, up from $11.7 million in FY2023, thanks to a rise in interest income from fixed deposits and additional loans provided to associates for financing new projects.

Furthermore, the group’s cost of construction also saw a decline, from $278.1 million in FY2023 to $230.6 million in FY2024, as a result of reduced construction work. The cost of construction was exacerbated by the impact of the COVID-19 pandemic, leading to a longer construction period, labor shortages, and higher material and overhead costs, as well as expenses for logistics, workers’ dormitories, equipment rentals, and subcontractors.

KSH’s cash and bank balances stood at $134.6 million, while the group’s loans and bank borrowings reduced to $133.6 million for the full year.

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In light of the challenging year, KSH has declared a final cash dividend of 0.5 cents per ordinary share, bringing the total dividend for FY2024 to 1 cent per share.

On May 30, shares in KSH Holdings closed 1 cent higher or 4.348% up at 24 cents.