Ho Bee Investment's profit and revenue plunge sharply as development sales dry up
Lower revenue recognition of development properties has dragged down Ho Bee Investment's second quarter net profit by 64 per cent to $26.2 million.
Revenue for the three months to June 30 dived by 95.8 per cent to $6.1 million, no thanks to a dearth of new home sales and negligible revenue recognition from past projects that had been completed.
The plunge in profit would have been on a similar scale if not for a one-off gain amounting to $25.9 million from the sale of Hotel Windsor, which was completed in May.
The revaluation reserve amounting to $94.7 million was transferred to unappropriated profit upon completion of sale.