KOP Limited has reversed into earnings of $1.0 million in the 9MFY2024 ended Dec 31, 2023, from its loss of $36.2 million in the 9MFY2023.
The company also saw a narrower loss of $605,000 during the 3QFY2024 compared to the $4.1 million loss in the same period the year before.
Earnings per share (EPS) for the 9MFY2024 stood at 9 cents.
9MFY2024 revenue surged by 241% y-o-y to $77.1 million, contributed partly by revenue for the 3QFY2024 which also surged by 100% y-o-y to $19.4 million. For both periods, revenue was up due to growth seen in the company’s real estate development and investment as well as hospitality businesses while real estate origination and management services stood flat y-o-y.
The increase in revenue from real estate development and investment segment was mainly due to the revenue recognised on units sold for Dalvey Haus during the period. Dalvey Haus had obtained its temporary occupation permit (TOP) in July 2023.
The higher revenue from the hospitality business was mainly due to the full openings of Montigo Resorts, Nongsa in Batam and Montigo Resorts, Seminyak in Bali after the lifting of the travel restrictions by various countries in the previous financial year. The performance was also boosted by the contribution from the newly-acquired Montigo Resorts, Somerset in the UK.
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Gross profit for the 9MFY2024 and 3QFY2024 stood at $20.8 million and $5.7 million respectively, marking a 131% y-o-y and 40% y-o-y increase.
As at Dec 31, 2023, cash and cash equivalents stood at $6.1 million.
No dividends were declared.
Shares in KOP 5I1 closed flat at 3.1 cents on Feb 5.
