Residential projects lift Q3 earnings at property firm Hiap Hoe

Earnings more than doubled at property and construction firm Hiap Hoe in the third quarter due to revenue recognition from the sale of residential projects.

The firm posted a 149.8 per cent increase in earnings to $33.3 million for the three months to Sept 30 year-on-year, it said on Monday.

Revenue soared 98.6 per cent to $81.1 million from the preceding year.

The company said revenue shot up due to progressive revenue recognition of $80.5m from the sale of residential projects.

Earnings per share were 7.07 cents for the quarter. Net asset value per share was 78.71 cents as at Sept 30.

Its share price closed flat at 81.5 cents on Monday.