reporter2
06-03-13, 17:30
http://www.businesstimes.com.sg/archive/friday/premium/companies/others/ho-bee-investment-q4-profit-dips-6688m-20130301
Published March 01, 2013
Ho Bee Investment Q4 profit dips to $66.88m
By carine lee
HO Bee Investment's fourth-quarter net profit attributable to shareholders dipped 0.3 per cent year-on-year to $66.88 million.
Profit from continuing operations slipped 1 per cent to $65.73 million from $66.4 million, despite a leap in revenue to $224.93 million from $66.62 million a year earlier.
The property group said yesterday that the increase in revenue was mainly due to higher recognition of revenue from property development projects in the reporting quarter. Full-year profit attributable to shareholders fell 7.6 per cent year-on-year to $187.07 million, which includes an 8.7 per cent decline in profit from continuing operations to $183.22 million.
"The decrease in attributable profit was due mainly to the 57 per cent decrease in fair value changes of investment properties from $41.3 million in the preceding year to $17.6 million," Ho Bee said.
Twelve-month turnover rose 39.4 per cent to $461.65 million from $331.2 million a year earlier.
Group net asset value per share as at Dec 31 was $2.58, up from $2.34 a year earlier, while full-year earnings per share (EPS) were 26.69 cents, down from 27.98 cents a year earlier.
The board has recommended a five cents per share first and final dividend.
Separately, Ho Bee's 70 per cent owned subsidiary, HBS Investments Pte Ltd, has sold its 9.024 per cent stake in Chongbang Holdings (International) Ltd (CHIL) back to CHIL for US$38.84 million.
Ho Bee said the divestment follows a review of the group's strategy in China and selling its minority interest in CHIL is in its best interest.
Total proceeds from the divestment will be US$63.93 million, including a repayment of shareholders loan of US$25.09 million. The group's share of gain from the divestment will be US$26.4 million. Proceeds from the disposal will be used to expand Ho Bee's overseas investment and to fund working capital. Had the disposal taken place on Jan 1, 2012, EPS would be 31.36 cents.
Ho Bee shares closed yesterday up one cent at $1.885.
Published March 01, 2013
Ho Bee Investment Q4 profit dips to $66.88m
By carine lee
HO Bee Investment's fourth-quarter net profit attributable to shareholders dipped 0.3 per cent year-on-year to $66.88 million.
Profit from continuing operations slipped 1 per cent to $65.73 million from $66.4 million, despite a leap in revenue to $224.93 million from $66.62 million a year earlier.
The property group said yesterday that the increase in revenue was mainly due to higher recognition of revenue from property development projects in the reporting quarter. Full-year profit attributable to shareholders fell 7.6 per cent year-on-year to $187.07 million, which includes an 8.7 per cent decline in profit from continuing operations to $183.22 million.
"The decrease in attributable profit was due mainly to the 57 per cent decrease in fair value changes of investment properties from $41.3 million in the preceding year to $17.6 million," Ho Bee said.
Twelve-month turnover rose 39.4 per cent to $461.65 million from $331.2 million a year earlier.
Group net asset value per share as at Dec 31 was $2.58, up from $2.34 a year earlier, while full-year earnings per share (EPS) were 26.69 cents, down from 27.98 cents a year earlier.
The board has recommended a five cents per share first and final dividend.
Separately, Ho Bee's 70 per cent owned subsidiary, HBS Investments Pte Ltd, has sold its 9.024 per cent stake in Chongbang Holdings (International) Ltd (CHIL) back to CHIL for US$38.84 million.
Ho Bee said the divestment follows a review of the group's strategy in China and selling its minority interest in CHIL is in its best interest.
Total proceeds from the divestment will be US$63.93 million, including a repayment of shareholders loan of US$25.09 million. The group's share of gain from the divestment will be US$26.4 million. Proceeds from the disposal will be used to expand Ho Bee's overseas investment and to fund working capital. Had the disposal taken place on Jan 1, 2012, EPS would be 31.36 cents.
Ho Bee shares closed yesterday up one cent at $1.885.