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Hiap Hoe reports sharp rise in earnings

Published on May 12, 2014 10:25 PM

SINGAPORE - Developer Hiap Hoe posted healthier results for the first quarter on Monday, but this was mostly the result of a privatisation of its sports and leisure arm SuperBowl Holdings.

Earnings for the three month period ended Mar 31 was $354.2 million,well up on the $10.2 million recorded a year ago.

Gross profit also increased 22.5 per cent to $17.1 million, up from $14 million in the same period.

Revenue was up $31.2 million, up 2.8 per cent from $30.3 million in the same period. This was mainly due to its investment properties in Australia, its hotel operations and the consolidation of a one-month income from SuperBowl Holdings, said Hiap Hoe.

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