Kintyre Holdings Group has reported net profit of $8.4 million on revenues of $34.4 million during the first quarter of this year, which ended on March 31.
This compared with a net loss of $2.2 million on revenues of $32.9 million during the corresponding period last year.
The company recorded a dip in its gross profits to $18.8 million this year from $26.1 million last year.
Kintyre Holdings says the drop in its gross profits was due to the initial start-up costs and investments pumped into launching its renovation project.
It is projecting that these costs will soon be normalised as it scales up its operations.
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