mr funny
14-08-10, 18:15
http://www.businesstimes.com.sg/sub/companies/story/0,4574,399525,00.html?
Published August 14, 2010
Ho Bee Q2 net down 29%
By EMILYN YAP
HO BEE Investment yesterday posted a net profit of $112.3 million for the second quarter ended June 30, down 29 per cent from a year ago. Earnings weakened as the top line shrank. Revenue fell 68 per cent to $235.7 million, mainly due to lower contributions from development properties.
Q2 revenue from property development was $227.1 million - 69 per cent less than a year ago. There was 'exceptionally high' revenue recognition in Q2 last year when two residential projects, The Coast and Paradise Island, obtained temporary occupation permits. Revenue from property investment improved 47 per cent in Q2 to $6.8 million. Rental income from industrial and retail space rose, and there were contributions from three industrial buildings previously classified as development properties.
Ho Bee recognised $14.1 million in fair-value gains on investment properties in Q2, against a fair-value loss of $30.4 million a year back. The gain arose from the revaluation of the three industrial assets. Reflecting the smaller bottom line, earnings per share in Q2 came in at 15.3 cents, down from 21.4 cents a year back. For the first half, Ho Bee's revenue fell 61 per cent year on year to $328 million, causing net profit to slip 21 per cent to $154 million.
Nevertheless, chairman and CEO Chua Thian Poh said he is satisfied with the performance 'as last year's result was exceptional'. The group has declared an interim dividend of one cent a share for the latest half-year. Ho Bee expects to remain profitable for the rest of this year and has development projects on hand. In Singapore, it recently bought a commercial site at Buona Vista that will generate 1.2 million sq ft of office space.
In Hebei, China, it has six residential sites that it bought jointly with Yanlord Land in June.
Ho Bee's current residential projects in Singapore include Turquoise, which is 48 per cent sold, and Trilight, which is 83 per cent sold. Its joint venture project with IOI Land, Seascape, is 22 per cent taken up.
The counter gained five cents yesterday to close at $1.65.
Published August 14, 2010
Ho Bee Q2 net down 29%
By EMILYN YAP
HO BEE Investment yesterday posted a net profit of $112.3 million for the second quarter ended June 30, down 29 per cent from a year ago. Earnings weakened as the top line shrank. Revenue fell 68 per cent to $235.7 million, mainly due to lower contributions from development properties.
Q2 revenue from property development was $227.1 million - 69 per cent less than a year ago. There was 'exceptionally high' revenue recognition in Q2 last year when two residential projects, The Coast and Paradise Island, obtained temporary occupation permits. Revenue from property investment improved 47 per cent in Q2 to $6.8 million. Rental income from industrial and retail space rose, and there were contributions from three industrial buildings previously classified as development properties.
Ho Bee recognised $14.1 million in fair-value gains on investment properties in Q2, against a fair-value loss of $30.4 million a year back. The gain arose from the revaluation of the three industrial assets. Reflecting the smaller bottom line, earnings per share in Q2 came in at 15.3 cents, down from 21.4 cents a year back. For the first half, Ho Bee's revenue fell 61 per cent year on year to $328 million, causing net profit to slip 21 per cent to $154 million.
Nevertheless, chairman and CEO Chua Thian Poh said he is satisfied with the performance 'as last year's result was exceptional'. The group has declared an interim dividend of one cent a share for the latest half-year. Ho Bee expects to remain profitable for the rest of this year and has development projects on hand. In Singapore, it recently bought a commercial site at Buona Vista that will generate 1.2 million sq ft of office space.
In Hebei, China, it has six residential sites that it bought jointly with Yanlord Land in June.
Ho Bee's current residential projects in Singapore include Turquoise, which is 48 per cent sold, and Trilight, which is 83 per cent sold. Its joint venture project with IOI Land, Seascape, is 22 per cent taken up.
The counter gained five cents yesterday to close at $1.65.