Ho Hup Q1 net profit drops to RM12.4mil

PETALING JAYA: Ho Hup Construction Company Bhd’s net profit for the first quarter ended March 31 fell 35% to RM12.4mil as compared with the similar corresponding quarter last year.

This was due to lower revenue recorded during the quarter as well as higher operating expenses incurred from preparation cost for the newly secured Sungai Besut project in Terengganu, of which revenue recognition is expected in the second quarter of the financial year.