Ho Bee Investment announces net profit of S$111.7m

Ho Bee Investment has announced a net profit of S$111.7 million for the six months ended 30 June, a 34 per cent decrease compared to the previous corresponding period.

Ho Bee said the decrease in attributable profits was due to the 36 per cent decrease in group turnover from S$366.5 million to S$236.2 million, as a result of higher revenue recognition from development properties in the same period last year.

Revenue for the period was S$236.2 million, down 35.6 per cent year-on-year.

On a quarterly basis, net profit fell 55.3 per cent to S$57.2 million while revenue fell 42.5 per cent to S$157.65 million, year-on-year.

Revenue from property development for the second quarter of 2011 amounted to S$151 million, 43 per cent lower than the corresponding period last year.

For the six-month period, revenue decreased 37 per cent to S$222.6 million compared to S$350.9 million in the preceding year.

This was attributed mainly to the higher revenue recognition last year with the completion of residential project, Turquoise at Sentosa Cove.

The group said it has launched its industrial development project, One Pemimpin in the second quarter of this year.

As at the end of June 2011, 76 per cent of the 115 strata units have been sold.

It has also sold the remaining three floors of office space at Samsung Hub for a total consideration of S$100.9 million.

The resulting capital gain of approximately S$13.9 million on the sale of these investment properties will be recognised in the second half of 2011.

Source : Channel NewsAsia – 8 Aug 2011

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