SINGAPORE (May 13): A surge in revenue raised property developer OKH Global back into profitability with 3Q earnings of $3 million, compared to the previous year’s net loss of $1.6 million.

Revenue shot up to $82.4 million, compared to $6 million a year ago. The group attributed the stronger topline to income recognised from its property development business.

Loyang Enterprise received temporary occupation permit in January, which raked in $79.8 million in revenue during the quarter.

Revenue from property investment grew 25.2% higher to $2.6 million from rental income received from investment property.

However, construction revenue fell to $9,000 from $4 million the year before, as majority of the third party construction contracts were already completed before the quarter.

General and administrative expenses rose 56.6% to $4.7 million as a result of higher repair and maintenance cost as well as sales commission.

The counter ended 4.2% lower at 9.1 cents.