Kitchen Culture's FY2011 net profit down 71% to $1.25m on lower revenue

Kitchen Culture Holdings says its net profit for the full-year ending Dec 31 fell 71.1% to $1.25 million from $4.34 million a year ago.

Revenue fell 29.3% or $9.1 million to $22.09 million in FY2011 mainly due to a lower revenue contribution from residential projects.

Residential projects accounted for 55.5% of the its full-year revenue of which $9.9 million was attributable to revenue based on completion recognised from 13 new projects, including The Ritz-Carlton Residences, Singapore; Hamilton Scotts; Volari; Jardin; and The Greenwood while $2.4 million was derived from 12 ongoing projects from FY2010.