KSL Holdings Q3 earnings drop 41%

PETALING JAYA: Property developer KSL Holdings Bhd’s earnings drop 41% to RM32.8 million in the third quarter ended Sep 30, 2017, from RM55.5 million in the previous corresponding quarter, mainly due to higher cost of sales as well as selling and marketing expenses.
Revenue for the quarter fell 15% to RM140.6 million, compared with RM164.5 million in the same period last year.
The group told the stock exchange, the current quarter’s performance was mainly contributed by the change in sales mix, take-up rates and percentage of completion of the group’s existing main on-going projects, especially in Johor Bahru and Klang.
For the nine months period, its net profit decreased 14% to RM129.5 million, against RM150.5 million a year ago, while revenue slightly lower by 2.03% to RM448.4 million, from RM457.7 million previously.
On its prospects, the group said it plans to continue developing residential and commercial properties in Johor Bahru, Segamat, Kluang and Muar in the state of Johor.
It said it will continue to build wide range of premium quality products, ranging from deluxe residences with top-class finishes and facilities to small-to-medium sized units with practical and efficient layouts.
“These developments are anticipated to further strengthen the group’s foothold in landed properties’ market in the state of Johor," it added.
KSL Holdings closed unchanged at RM1.18 on some 80,800 shares traded.