King Wan

King Wan: 3QFY14 net profit tumbled 96% to $69.5m despite a 128% surge in revenue to $25.0m, as gross margins slumped to 7.8% versus 30.7%, on back of a number of contracts with better margins in the corresponding period. The increase in revenue was largely due to higher recognition of revenue from Mechanical and Electrical (M&E) contracts, and bottom-line was aided by a 1,235% rise in interest income to $0.6m and a $0.2m fee income from financial guarantees.