Written by The Edge
Kingsmen Creatives, the communications design and production group, today announced a 17.2% growth in net profit to $6.9 million for the six months ended June 30, 2010 (1HFY10).
Group revenue increased 25.5% to $111.3 million in 1HFY10, from $88.7 million in the previous corresponding period.
Driving the group’s growth was better top-line performance by both the Exhibitions and Museums division and the Interiors division.
The Exhibitions and Museums division recorded revenues of $56.6 million in 1HFY10, a 22.0% improvement over 1H 2009. This was largely contributed by works on seven pavilions at the Expo 2010 Shanghai with a combined contract value of over $24 million, as well as exhibition projects such as the Asia Pacific Maritime 2010, Food and Hotel Asia 2010, Singapore Airshow 2010, Tax Free Asia Pacific 2010 and various auto-shows for Nissan/Infiniti.
The Interiors division also performed well, posting higher revenues of $49.6 million in 1HFY10, a $12.7 million or 34.5% increase over 1H 2009. Key projects completed during this period included several boutique fit-outs for Tiffany and Burberry in Singapore, Hong Kong and China. In addition, the division also completed 13 shops at Marina Bay Sands which contributed about $6 million to revenue in 1H 2010, and another 15 shops to be completed by the end of the year. These shops at Marina Bay Sands include Bottega Veneta, Burberry, Chanel, Chaumet, Fendi, Polo Ralph Lauren, Swarovski, The Hour Glass, Tiffany & Co and Uemo Collezioni & Stefano Ricci.
The Research and Design and IMC divisions recorded revenues of $2.3 million and $2.8 million respectively.
As at 11 August 2010, the group has been awarded contracts of $187 million, of which $173 million is expected to be recognised in FY2010.
Dividend : 1.5 Cents
