Ho Bee Land turns in weaker second quarter results after strong sales recognition in 2016

SINGAPORE - Developer Ho Bee Land on Monday (Aug 7) suffered a 14.1 per cent year-on-year slide in second-quarter net profit driven by a plunge in revenue.

Net profit stood at $36.1 million for the three months ended June 30, while turnover fell by 78.4 per cent to $37.4 million.

The fall in revenue was due to higher sales recognition of two residential development projects in Australia completed in the same period in 2016, the group said.

The bottomline last year was also boosted by profits from associates mainly related to a residential development in Shanghai.

Earnings per share for the quarter was 5.42 cents, against 6.31 cents the year before, while net asset value was $4.45, from $4.39 as at Dec 31, 2016 .

For the half-year, net profit swelled by 52.8 per cent to $92.4 million despite a 62 per cent drop in revenue to $79.8 million.

Ho Bee shares fell one cent or 0.4 per cent to close at $2.41, shortly after results were announced.