Koh Brothers Group, the construction, property development and specialist engineering solutions provider, has announced that its net profit attributable to equity owners of the company for the three months ended September 30, 2011, (3QFY2011) has more than tripled to $13.1 million, compared to $4.2 million in the previous corresponding quarter (Q3FY2010). Revenue for the quarter rose 35% to $117.7 million.
Koh Brothers says the uplift in revenue was primarily generated by the new accounting rules relating to INT FRS 115 which recognises revenue and profit upon completion of construction of residential development projects for property units sold under the deferred payment scheme (DPS). Previously, units sold under DPS were accounted for using the percentage of completion (POC) method. Retrospectively, the change in accounting policy will be applied to 2010 comparatives.
In line with the revenue surge, gross profit margin improved 6.6 percentage points in Q3FY2011. Profit before income tax for the quarter climbed almost four times to S$16.1 million year on year.
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