reporter2
26-02-22, 09:51
Hiap Hoe back in the black for H2 FY21; posts S$13.8m net profit
Feb 26, 2022
PROPERTY developer Hiap Hoe is back in the black for the 6 months ended Dec 31, 2021, with net profit coming in at S$13.8 million, compared to a loss of S$15.6 million in the year-ago period.
This was partly driven by a 32 per cent increase in total revenue to S$48.3 million for H2 FY21. In particular, revenue from hotel operations went up by S$14.1 million, or 30.7 per cent, with the gradual reopening of borders and easing of travel restrictions in Australia, UK and Singapore.
During the 6-month period, the company also reversed impairment losses on an investment property at Stirling Street, Perth, of S$15.6 million and on the Holiday Inn Express hotel in Manchester, of S$3.3 million.
"The write-back of impairment losses is mainly due to the improved tenancy profile and higher occupancy rate of the properties and is supported by indicative open market values as advised by independent professional valuers," Hiap Hoe said in a bourse filing of its financials on Friday (Feb 25).
These reversals boosted other income for H2 FY21, which stood at S$29.5 million.
For the full year in 2021, net profit came in at S$21.2 million, from a net loss of S$36.8 million the previous year.
Revenue for FY21 was up 17.8 per cent to S$93.7 million, from S$79.6 million the previous year.
Earnings per share for the year stood at 4.5 cents, as compared to a loss per share of 7.8 cents in the previous year.
Hiap Hoe's directors proposed a final dividend of 0.5 Singapore cent per ordinary share.
The group said it expects the prolonged work-from-home measures and hybrid working arrangements to adversely affect near-term leasing momentum its office and commercial properties. It also expects tenants in the retail and entertainment sectors to continue to be challenged, as companies remain cautious with no clear visibility on reopening.
The group said it will continue to prioritise maintaining occupancy levels to strengthen the recurring income base.
A gradual recovery of the hospitality sector is to be expected, but uncertainties remain as countries continue to experience resurgences of Covid-19 cases.
Hiap Hoe shares closed flat at S$0.755 on Friday.
Feb 26, 2022
PROPERTY developer Hiap Hoe is back in the black for the 6 months ended Dec 31, 2021, with net profit coming in at S$13.8 million, compared to a loss of S$15.6 million in the year-ago period.
This was partly driven by a 32 per cent increase in total revenue to S$48.3 million for H2 FY21. In particular, revenue from hotel operations went up by S$14.1 million, or 30.7 per cent, with the gradual reopening of borders and easing of travel restrictions in Australia, UK and Singapore.
During the 6-month period, the company also reversed impairment losses on an investment property at Stirling Street, Perth, of S$15.6 million and on the Holiday Inn Express hotel in Manchester, of S$3.3 million.
"The write-back of impairment losses is mainly due to the improved tenancy profile and higher occupancy rate of the properties and is supported by indicative open market values as advised by independent professional valuers," Hiap Hoe said in a bourse filing of its financials on Friday (Feb 25).
These reversals boosted other income for H2 FY21, which stood at S$29.5 million.
For the full year in 2021, net profit came in at S$21.2 million, from a net loss of S$36.8 million the previous year.
Revenue for FY21 was up 17.8 per cent to S$93.7 million, from S$79.6 million the previous year.
Earnings per share for the year stood at 4.5 cents, as compared to a loss per share of 7.8 cents in the previous year.
Hiap Hoe's directors proposed a final dividend of 0.5 Singapore cent per ordinary share.
The group said it expects the prolonged work-from-home measures and hybrid working arrangements to adversely affect near-term leasing momentum its office and commercial properties. It also expects tenants in the retail and entertainment sectors to continue to be challenged, as companies remain cautious with no clear visibility on reopening.
The group said it will continue to prioritise maintaining occupancy levels to strengthen the recurring income base.
A gradual recovery of the hospitality sector is to be expected, but uncertainties remain as countries continue to experience resurgences of Covid-19 cases.
Hiap Hoe shares closed flat at S$0.755 on Friday.