Hiap Hoe reports sharply higher profit from condo sales

Hiap Hoe has posted a 75.9 per cent jump in second quarter net profit to $29.3 million.

Revenue for the three months to June 30 soared by 87 per cent to $80.3 million, partially driven by progressive revenue recognition from Waterscape at Cavenagh and sale of units from Signature at Lewis and Skyline 360.

Revenue received by the group's subsidiary from progress made in the construction of a joint-venture project, Ramada Singapore and Zhongshan Mall, also contributed to total revenue.

Earnings per share climbed to 6.24 cents from 3.54 cents previously while net asset value per share firmed to 72.84 cents compared to 64.94 cents as at Dec 31.

An interim dividend of 1.2 cents a share was declared.