Keong Hong (5TT) Q3 2025 earnings summary

Executive summary

• 9MFY2025 revenue rose 25.8% YoY to S$156.8m and net profit was S$5.7m, versus a net loss of S$11.8m in 9MFY2024; 3QFY2025 revenue fell 20.5% and net loss was S$1.8m.

• Completion of the Katong Holdings disposal on 30 June 2025 resolved the audit qualification relating to equity accounting for that investment.

Financial highlights

• 3QFY2025 gross profit was S$4.1m versus S$1.3m; 9MFY2025 gross profit was S$12.1m versus a gross loss of S$1.7m in 9MFY2024.

• 9MFY2025 other income increased 43.5% YoY to S$9.3m; administrative expenses fell 18.4% to S$8.0m, while 3Q administrative expenses rose to S$6.1m, mainly on higher FX losses.

• 9MFY2025 included a S$0.7m reversal of loss allowance on financial assets; the 3Q administrative expense included an S$4.0m foreign exchange loss.

Outlook and guidance

• Construction order book was ~S$229m at 30 June 2025, comprising 53.5% residential projects; current pipeline includes Sky Eden @ Bedok, Solitaire on Cecil and Tengah Plantation.

• Management cited a challenging business environment and performance in deciding not to declare or recommend a dividend, prioritising cash conservation for operations.