Hiap Hoe's fourth quarter net profit up 6%

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°.

The firm said in a statement today that in the light of the seventh round of cooling measures unveiled last month, it will "adopt a prudent approach towards its property sales, joint-venture initiatives as well as land acquisition programmes."

This is to ensure that it remains resilient in a potentially challenging environment.