reporter2
12-08-13, 10:43
http://www.businesstimes.com.sg/archive/tuesday/premium/companies/others/record-hiap-hoe-interim-payout-earnings-rise-20130806
Published August 06, 2013
Record Hiap Hoe interim payout as earnings rise
By ong chor hao
PROPERTY developer Hiap Hoe has recommended a record high interim dividend of 1.2 cents per share, after seeing its second-quarter earnings surge 76 per cent.
The company, which paid an interim dividend of half a cent per share last year, posted profit attributable to shareholders of $29.3 million for Q2 ended June 30 this year, compared with $16.7 million a year ago. This translates to an earnings per share of 6.24 cents, versus the prior period's 3.54 cents.
The strong profits came after an 87 per cent year-on-year surge in revenue to $80.3 million, from the progressive recognition of income and sales of units at its condominium projects. Margins improved as well, with gross profit 133.2 per cent higher over the year at $38.3 million.
This helped to offset higher expenses as more projects came online.
For the half year ended June 30, earnings was 28.5 per cent higher at $39.5 million, due to lower profit in the first quarter from a year ago. The 1.2 cents per share dividend amounts to some 14.3 per cent of net profit for the first half of the year, the company said.
Noting the slower private home sales in the second quarter, Hiap Hoe said it will step up efforts to sell the remaining units at its residential projects.
Meanwhile, it has started construction of its industrial development at Kallang Pudding, and the two hotels within its mixed-use Zhongshan Park development, Days Hotel and Ramada Singapore, are now fully operational.
Since the end of Q2, Hiap Hoe has bought a stake in Ley Choon Group Holdings, an infrastructure service provider. It also made its maiden foray into Australia with the purchase of a plot of land in Melbourne.
Teo Ho Beng, CEO of Hiap Hoe, said: "This marks the first step of our strategy to expand geographically and to broaden our revenue streams going forward."
The counter closed unchanged yesterday at 74 cents, before the results were released.
Published August 06, 2013
Record Hiap Hoe interim payout as earnings rise
By ong chor hao
PROPERTY developer Hiap Hoe has recommended a record high interim dividend of 1.2 cents per share, after seeing its second-quarter earnings surge 76 per cent.
The company, which paid an interim dividend of half a cent per share last year, posted profit attributable to shareholders of $29.3 million for Q2 ended June 30 this year, compared with $16.7 million a year ago. This translates to an earnings per share of 6.24 cents, versus the prior period's 3.54 cents.
The strong profits came after an 87 per cent year-on-year surge in revenue to $80.3 million, from the progressive recognition of income and sales of units at its condominium projects. Margins improved as well, with gross profit 133.2 per cent higher over the year at $38.3 million.
This helped to offset higher expenses as more projects came online.
For the half year ended June 30, earnings was 28.5 per cent higher at $39.5 million, due to lower profit in the first quarter from a year ago. The 1.2 cents per share dividend amounts to some 14.3 per cent of net profit for the first half of the year, the company said.
Noting the slower private home sales in the second quarter, Hiap Hoe said it will step up efforts to sell the remaining units at its residential projects.
Meanwhile, it has started construction of its industrial development at Kallang Pudding, and the two hotels within its mixed-use Zhongshan Park development, Days Hotel and Ramada Singapore, are now fully operational.
Since the end of Q2, Hiap Hoe has bought a stake in Ley Choon Group Holdings, an infrastructure service provider. It also made its maiden foray into Australia with the purchase of a plot of land in Melbourne.
Teo Ho Beng, CEO of Hiap Hoe, said: "This marks the first step of our strategy to expand geographically and to broaden our revenue streams going forward."
The counter closed unchanged yesterday at 74 cents, before the results were released.