SINGAPORE: King Wan Corporation recorded a net loss of $9.7 million in the fourth quarter, compared with a $2.05 million net profit a year earlier.
This was mainly due to a $12 million impairment allowance on loans to the group’s associate, Dalian Shicheng Property Development. The allowance was made in view of the continuing depressed real estate market in Dalian, China, where the associate and its subsidiary operates, it said.
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Revenue for the quarter rose 15 per cent to $23.8 million due to higher recognition of revenue from mechanical and electrical contracts during the quarter.
For the full year to March 31, net profit was $17.1 million, a 154 per cent year on year increase.
