Complete Property Market Updates of Singapore

May 12, 2008

Ho Bee’s Q1 net profit down 62%

Filed under: Developer News,General — Propertymarketupdates @ 3:48 am

Property developer, Ho Bee Group, on Thursday reported its net profit for the first quarter eneded March 31, 2008 fell 62 per cent to $26.10 million (US$18.93 million) due to the lower recognition of revenue from a property project.

Ho Bee, famed for its Sentosa projects, said earnings per share also fell to 3.54 cents.

Revenue fell almost 62 per cent to $94.19 million.

‘This was mainly attributed to the lower recognition of revenue from property development project, The Coast at Sentosa Cove, which recorded a higher percentage in its initial revenue recognition in the first quarter of 2007 than the current quarter,’ it said.

The group sold one of its investment properties during the first quarter of this year and yielded a net gain of $2.2 million. This relates to one floor of office space at Suntec Tower 2 in which the group had a 60 per cent equity interest.

Looking ahead, Ho Bee said the group’s revenue and earnings for the next two to three years will be underpinned by the substantial progressive recognition of income from the successful sale of its residential projects. — BT Newsroom

Source : Business Times – 8 May 2008


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