Hiap Hoe's fourth quarter net profit up 6%
Published on Feb 18, 2013 6:48 PM
PROPERTY and construction firm Hiap Hoe's fourth quarter net profit rose 6 per cent to $13.8 million due to higher revenue recognised from the sale of homes in the period.
Revenue for the three months to Dec 31, however, plunged 36 per cent to $24.4 million compared to the same period last year due to an adjustment in construction revenue for certain joint venture projects.
For the full-year, net profit surged 22 per cent to $57.9 million while revenue gained 7 per cent to $145.7 million.
This was partly due to revenue recognition from residential development projects such as Waterscape at Cavenagh and Skyline 360°.
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