Hiap Hoe FY profit more than quadruples to record S$34.3m

Niche property developer Hiap Hoe said its full-year net profit more than quadrupled by 319.5 per cent to a record S$34.3 million.

The better showing was driven by revenue recognition for several of its development projects.

For the full year, revenue surged 272 per cent to S$110.5 million.

In the fourth quarter, Hiap Hoe’s profit soared to S$9 million, compared with just S$300,000 the year before. Its fourth quarter revenues expanded about 162 per cent to S$26.4 million.

However, going forward, Hiap Hoe said it is cautious about its outlook for 2010.

The Board has proposed a first and final cash dividend of 0.25 Singapore cent per ordinary share. The firm is also proposing a bonus issue of one bonus share for every four existing ordinary shares.

Source : Channel NewsAsia – 18 Feb 2010

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