KOP’s full-year earnings shrink to $0.35 mil on absence of investment income

SINGAPORE (May 23): KOP, the property, hospitality and entertainment group, saw FY16 earnings plunge to $0.35 million from $12.6 million a year ago due to the absence of $43 million in investment income from the gain on redemption of 2013 Junior Notes issued by Royce Properties which was recorded in FY15.

Full-year revenue increased 32% to $24.6 million, lifted by higher sales from the real-estate development and investment segment from the handover of the completed properties in Montigo Resorts in Nongsa, Batam. The entertainment segment also saw higher sales due to the assignment of film distribution rights during the fourth quarter.

In the fourth quarter, the group made a loss of $1.8 million, compared with a loss of $21.1 million a year ago even as revenue surged 84% to $6.7 million and administrative expenses fell to $7.9 million.

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