King Wan Corp H2 net profit down by 30.1% to S$690,000

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MAINBOARD-LISTED building services company King Wan Corp expects the mechanical and electrical (M&E) business to be sustainable in the year ahead, despite a challenging industry outlook, the management said in second-half financial statements on Thursday night. Read more at The Business Times.

King Wan cited rising cost pressures and uncertainties over economic recovery as headwinds to M&E engineering in the next 12 months, even as Covid-19 restrictions are eased.

The group had clinched S$28.9 million in new M&E projects in Singapore in the January-to-June period alone, King Wan said in a separate announcement. “The group has maintained its versatility in undertaking M&E projects that require different skill sets,” managing director Chua Eng Eng said in a statement, while adding that the order book “has provided high revenue visibility” for King Wan.

 

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