Hiap Hoe warns of second quarter net loss

SINGAPORE - Real estate group Hiap Hoe has warned of losses ahead.

In a statement to the Singapore Exchange, it expected to record a net loss for the second quarter ended June 30.

This is mainly attributable to:

* the expensing off of the stamp duty arising from the acquisition of its Australian property;

* lower sales/project revenue; and

* recognition of non-controlling interest pertaining to the takeover of Superbowl.

Further details will be disclosed when Hiap Hoe announces its results on Aug 14.