SINGAPORE (Sept 15): Low Keng Huat, the construction company and property developer, saw half-year earnings nearly quadruple to $46.4 million from $11.8 million a year ago on extraordinary gain from the sale of Duxton Hotel Saigon.

If one-off income from the Saigon hotel sale was excluded, the group would have registered a loss of $3.6 million in the first half.

For the six months ended July, revenue dropped by nearly half to $24.4 million from $47.1 million a year ago due to the absence of construction activity from third-party projects. Revenue for hotel & F&B businesses also decreased by to $13.3 million from $19.1 million mainly due to sale of the Saigon hotel in May and lower room rates and lower occupancy in Duxton Hotel Perth.

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