Property developer Ho Bee on Tuesday said second-quarter net profit surged 44.6 per cent from the corresponding period a year earlier to S$72.9 million as revenue rose 6.7 per cent to S$147.1 million. The rise in profit was due mainly to the increase in turnover and a gain of S$17.9 million in the sale of investment property, it said. Ho Bee chairman and chief executive Chua Thian Poh said that the...
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City Developments' second quarter earnings tumbled 37.7 per cent from last year to S$137.7 million. The Singapore-listed developer noted a lack of substantial divestment gains in 2012 compared to a year earlier, and said revenue in the latest quarter was down by 19.6 per cent to S$787.7 million. From its hotels worldwide, Revenue Per Available Room (RevPAR), which is a measure of how good a hotelier is...
Global Logistic Properties (GLP) has reported a 53.7 per cent increase in first quarter (ended June 30) net profit to US$153 million (S$190.6 million), driven by a strong operational performance in China and growth in its Japanese fund management platform. Asia's largest logistic facilities provider said turnover rose 32 per cent year-on-year to US$170.5 million (S$212.4 million), boosted by a 75 per cent...
Mainboard-listed United Engineers on Friday said its second-quarter net profit declined 76 per cent to S$7.4 million compared to the previous year. In a filing to the Singapore Exchange, the company said this was mainly due to an absence of profit contribution from property sales at The Rochester, which was completed in 2011. Higher operating expenses also weighed down the firm's bottomline. Meanwhile,...
UOL Group has booked a net profit of about S$171.68 million for the second quarter ended 30 June 2012, down by 19 per cent compared to the previous year. In a filing to the Singapore Exchange (SGX), UOL attributed the decline mainly to lower income from property development sales and lower fair value gains from investment properties. During the quarter, UOL recorded a 34 per cent on-year drop in revenue...
A print media hub will be built at Paya Lebar iPark in Tai Seng Avenue to house print and digital media players all under one roof. To be built at a cost of more than S$27 million, the new five-storey facility, named Pixel Red, will be developed by mainboard-listed printing solutions provider Teckwah Industrial Corporation. While Teckwah will take up half of the 23,000-square-metre development for its...
For the last three years, the trend in Singapore's residential property market has been virtually one-directional: Up. Despite the Government's repeated efforts to cool the market, home prices have remained resilient and recently hit new highs. It is not hard to see why. Population growth has been on an uptrend, there has been a housing shortage for years, and borrowing rates are currently low. I have...
CDL Hospitality Trusts (CDLHT) has announced a 10.2 per cent increase in its second-quarter distribution per unit (DPU) to 2.92 cents, up from 2.65 cents in the same period last year. The trust said its gross revenue climbed 6.0 per cent to S$36.6 million, due mainly to higher revenue per available room (RevPAR) and strong growth in visitor arrivals. Its net property income rose by 5.9 per cent from...
Sentiment for the property development industry in Singapore has improved marginally in the second quarter. This according to the latest survey jointly developed by the Real Estate Developers' Association of Singapore (REDAS) and the NUS Department of Real Estate. According to the Real Estate Sentiment Index (RESI), the outlook for Singapore's real estate market is showing a modest improvement compared...
Singapore's property cooling measures do not appear to have hurt the bottomline of property and hospitality group, Roxy-Pacific Holdings. Roxy-Pacific booked an 8 per cent rise in second quarter net profit to S$17.7 million, due partly to higher revenue from its property development business. Its market capitalisation leaped from S$190.97 million at listing, to S$410.6 million as of July 31,...