SINGAPORE (Sept 9): Kitchen Culture Holdings said subsidiary, KHL Marketing Asia-Pacific last Thursday secured contracts for two projects worth a total of $3.7 million which are to be fulfilled over the next one to three years.
The contracts worth $2.7 million and $1.0 million each are for the supply, fabrication, delivery and installation of kitchen cabinets and wardrobes for two separate suburban private residential developments in Singapore.
The award of these contracts lifted the group’s order book for projects to $34.3 million as at Monday. These comprises eight residential projects in Singapore and three residential projects in Hong Kong.
Kitchen Culture does not expect the above contracts to have a material impact on the earnings per share and net tangible asset value per share of the group for the current financial year ending June 30 2020.
The supplier of high-end kitchen systems saw net loss narrow to $3.7 million in FY2019 ended June from $4 million in FY2018 ended June, although the supplier of high-end kitchen systems continued to face a slump in its residential projects, as well as its distribution and retail segments.
Loss per share stood at 3.1 cents, from four cents previously.
Revenue fell 26.7% to $10.5 million, as contributions from its residential projects segment fell 40.5%, or $2 million; while contributions from its distribution and retail segment fell by 19.2%, or $1.8 million.
Kitchen Culture said the decline in revenue occurred across the group's operations in Singapore, Malaysia and Hong Kong, but was partially offset by increases in revenue from China.
Shares in Kitchen Culture last traded at 8.3 cents, down 2.7 cents year to date.
