reporter2
16-05-13, 16:48
http://www.businesstimes.com.sg/premium/companies/others/hong-fok-q1-profit-more-doubles-101m-20130516
Published May 16, 2013
Hong Fok Q1 profit more than doubles to $10.1m
By ong chor hao
PROPERTY developer Hong Fok Corporation reported first-quarter net profit of $10.1 million, more than double the $3.7 million a year ago, on the back of a surge in revenue.
For the three months ended March 31, the company took in revenues of $57.2 million, more than twice the $25.3 million from the same period last year.
The company attributed the higher revenue to the recognition of sales of residential units at Concourse Skyline, the condominium component of the mixed-use development The Concourse.
Besides The Concourse, Hong Fok also owns International Building in Singapore.
However, recognition of sales revenue from Concourse Skyline also meant higher cost of sales, which more than trebled to $35 million from $11.1 million a year ago.
Earnings per share were 1.28 cents, nearly three times the 0.47 cents a year ago.
Net asset value was $1.54 as at end-March, up slightly from $1.52 as at end-December.
Hong Fok's cash and cash equivalents as at March 31 were $117.9 million, more than twice the $54.1 million a year ago.
No dividend was recommended for the period.
Over the next 12 months, the company expects to continue recording stable rental income, as well as sales revenue from Concourse Skyline.
Hong Fok also expects an increase in the revaluation of some of its properties in that time. It plans to make additions and alterations to International Building, involving an extension of a commercial block; and to redevelop an existing carpark block next to a new hotel between Orchard Road and Claymore Hill.
The counter closed unchanged at 71.5 cents yesterday, before the results were announced.
Published May 16, 2013
Hong Fok Q1 profit more than doubles to $10.1m
By ong chor hao
PROPERTY developer Hong Fok Corporation reported first-quarter net profit of $10.1 million, more than double the $3.7 million a year ago, on the back of a surge in revenue.
For the three months ended March 31, the company took in revenues of $57.2 million, more than twice the $25.3 million from the same period last year.
The company attributed the higher revenue to the recognition of sales of residential units at Concourse Skyline, the condominium component of the mixed-use development The Concourse.
Besides The Concourse, Hong Fok also owns International Building in Singapore.
However, recognition of sales revenue from Concourse Skyline also meant higher cost of sales, which more than trebled to $35 million from $11.1 million a year ago.
Earnings per share were 1.28 cents, nearly three times the 0.47 cents a year ago.
Net asset value was $1.54 as at end-March, up slightly from $1.52 as at end-December.
Hong Fok's cash and cash equivalents as at March 31 were $117.9 million, more than twice the $54.1 million a year ago.
No dividend was recommended for the period.
Over the next 12 months, the company expects to continue recording stable rental income, as well as sales revenue from Concourse Skyline.
Hong Fok also expects an increase in the revaluation of some of its properties in that time. It plans to make additions and alterations to International Building, involving an extension of a commercial block; and to redevelop an existing carpark block next to a new hotel between Orchard Road and Claymore Hill.
The counter closed unchanged at 71.5 cents yesterday, before the results were announced.