SINGAPORE - 28 July 2003 - SGX SESDAQ listed OKP Holdings Limited ("OKP"), a leading transportation infrastructure builder and civil engineering company in Singapore, today announced its half-year results for the financial year ended 30 June 2003.
|
S$'000 |
1H2003 |
1H2002 |
% Change |
|
Turnover |
28,814 |
23,248 |
24 |
|
Net profit before tax |
1,624 |
1,756 |
-8 |
|
Net profit after tax |
1,205 |
1,292 |
-7 |
|
Net Cash generated from operating activities |
1,764 |
2,639 |
|
|
Cash & Cash equivalents |
9,683 |
5,577 |
|
|
Net asset value per share (cents) |
11.67 |
11.20 |
|
|
ROE (%) for half-year only |
7 |
8 |
|
|
Road Construction (S$'000) |
12,953 |
13,664 |
-5 |
|
Road Maintenance (S$'000) |
15,861 |
9,584 |
66 |
Turnover at $28.8 million improved 24% over the $23.2 million reported for the first half of 2002. Increasing road maintenance activities, up 66% in dollar terms, was the major contributor to revenue growth in the period. However, this was partially offset by 5% lower road construction revenue during the period.
Gross profit was $3.5 million, an improvement of 8%, compared to $3.2 million achieved for the corresponding period last year. This was due to vigilant cost control measures put in place.
Net profit after tax dipped by 7% to $1.2 million this period, due to an increase in administrative and other operating expenses.
Despite the generally sluggish local economy, especially in the construction-related sectors, OKP secured three new road maintenance projects during the period valued at $2.6 million. This helped the Group maintain a healthy construction order book, which stood at $143.6 million as of 30 June 2002 of which $103.1 million is expected to contribute to the Group's revenue for 2003 and thereafter.
Mr Or Toh Wat, Managing Director of OKP Holdings Limited said, "During the first half, we demonstrated that our business is capable of generating strong operating cash flows in a difficult business environment with a positive $1.8 million net cash generated from operating activities. Our balance sheet thus strengthened with cash and cash equivalents, which has grown to $9.7 million and total borrowings of $3.8 million."
"We will continue to carefully assess and bid for selective local projects that fit our core competencies and can yield reasonable returns. We are also pursuing opportunities to regionalize our core business. Regional business prospects are currently being evaluated in Cambodia, India and China."
OKP Holdings was incorporated in Singapore on 15 February 2002 as an investment holding company. The company has three subsidiaries namely Or Kim Peow Contractors (Pte) Ltd, Eng Lam Contractors Co (Pte) Ltd and OKP Technical Management Pte Ltd.
Established in 1966 by Founder and Chairman, Or Kim Peow, the group has two main business segments, Road Construction and Road Maintenance. The Group mainly tenders for government construction projects.
OKP Holdings has been listed on the Singapore Exchange of Singapore Dealing and Automated Quotation System ("SESDAQ") since 26 July 2002.
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Issued for and on behalf of OKP Holdings Limited
By Financial PR Pte Ltd
For more information, please contact:
Agnes HO, agnes@financialpr.com.sg
Kathy ZHANG, kathy@financialpr.com.sg
Tel: (65) 6438 2990
Fax: (65) 6438 0064