KUALA LUMPUR (Aug 26): Ho Hup Construction Company Bhd’s second quarter net profit fell 28% to RM4.88 million, from RM6.8 million a year ago, mainly due to higher marketing cost for The Crown Development in Kota Kinabalu and increase in professional fees incurred for bank facilities.

Earnings per share for the quarter ended June 30, 2019 (2QFY19) declined to 1.3 sen, from 1.8 sen previously.

Revenue was 1.7% higher at RM52.54 million compared with RM51.66 million in the year-ago second quarter, the group said in a filing with Bursa Malaysia.

For the first six months of the year (1HFY19), Ho Hup’s net profit fell 34.1% to RM10.18 million, from RM15.44 million in the previous corresponding period, while revenue declined 13.9% to RM94.9 million, from RM110.16 million.

Ho Hup said it expects the current year to remain challenging, in view of the moderate recovery in the construction and property development sectors.

Ho Hup’s share price remained unchanged at 52.5 sen today, giving it a market capitalisation of RM196.82 million.