Wee Hur posts lower 1H net profit as it adopts new financial reporting system

Wee Hur Holdings, the BCA Grade A1 builder and property developer, has posted a net profit to shareholders of $2.9 million for its first half ended 30 June 2011 (1H2011). Revenue came in at $84.3 million.

The lower revenue and net profit resulted from the company’s adoption of the revised financial reporting standard (FRS).

Had the percentage of completion (POC) method for all types of project been continued, the group’s 1H2011 revenue and net profit to shareholders would have been $120.6 million and $25.1 million respectively, representing 90% and 215% y-o-y growth instead.