Real estate developer Ho Bee Investment has said its full-year net profit fell 66 per cent in 2008 to S$93 million.
Ho Bee said the fall was due to lower turnover and the absence of fair value gains on its investment properties.
The reversal of write down of properties also contributed to the decline.
Ho Bee’s share of loss of JV Entities of S$5.1 million also added to its profit decline.
Full-year revenue fell 49 per cent to S$302 million.
For the fourth quarter, Ho Bee’s net profit fell about 71 per cent on-year to S$11.3 million, as revenues fell 37 per cent to some S$39 million.
Going forward, Ho Bee said it will be facing a very challenging year amidst the weak market sentiment and adverse economic environment.
But it expects strong earnings contribution from five residential projects such as Vertis and Orange Grove Residences.
The company said it will be in a good position to ride through this difficult period.
Source : Channel NewsAsia – 25 Feb 2009