Mainboard-listed property development group Ho Bee Investment said its fourth-quarter net profit rose 168 per cent to S$115.6 million.
That’s on the back of a 13 per cent increase in revenue for the quarter to S$112 million.
For the whole of 2010, net profit fell slightly by 8.5 per cent to S$308.4 million.
The firm said the good performance was partly contributed by its share of profits totalling S$51.6 million from its jointly-controlled entities.
Going forward, Ho Bee Investment CEO Chua Thian Poh said he is optimistic about the group’s performance in 2011.
Mr Chua added the earnings are expected to remain positive with the “progressive recognition of income from the sale of development projects in the previous and current years”.
The company proposes a final dividend of three cents per share.
Source : Channel NewsAsia – 24 Feb 2011