SG brief: King Wan

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King Wan Corp. reported Monday its fiscal year swung to a net profit of S$605,000 from a year earlier net loss of S$1.49 million, on revenue of S$77.19 million, up 68 percent on-year.

Revenue rose mainly on a low base effect due to the Covid-related Circuit Breaker a year earlier, and the slow resumption of construction activity as well as higher rental of portable lavatories, the company said in a filing to SGX.

But the absence of rental income for workers’ dormitories, lower interest income from associates and joint ventures and lower gain on disposal of property, plant and equipment dented earnings, the filing said. In addition, the company received lower Covid-related government grant income and faced higher labour costs, as well as posting a loss allowance on trade receivables of S$2.5 million for amounts due to associates involved in property development in China, the filing said.