- Ho Hup Construction Company’s (Ho Hup) FY16 earnings declined year-on-year, dragged down by a 52.5 percent drop in 4Q16 net profit to RM9.2 million.
- Meanwhile, revenue slid by 48 percent to RM44.7 million.
- The contraction in 4Q16 net profit was mainly due to higher operating cost incurred from interest subsidy for purchasers as well as facility fees for loans undertaken during the period.
- Full-year earnings declined 7.2 percent to RM65.9 million.
Significance: Ho Hup is optimistic on FY17’s outlook as its construction division has actively tendered for RM3.3 billion worth of projects while its property development division plans to launch projects with a combined gross development value of RM1.7 billion.