SINGAPORE - Property developer Hong Fok Corporation's net profit almost halved for the second quarter ended June 30, falling 42 per cent to $2.3 million from $4.1 million a year ago.
Earnings per share came in at 0.34 Singapore cent for the quarter, down from 0.59 cent for the corresponding period last year, according to the group's filing on Wednesday night (Aug 14).
Group revenue fell by 35 per cent year on year to $20 million from $30.9 million. This was mainly because there was no recognition of sales of its development properties in Singapore during the quarter, as compared to the $13 million recognised for the year-ago period.
It was partially offset by an increase in revenue from investment properties and dividend income.
The group said on Wednesday that it expects to recognise revenue from the sales of some residential units of Concourse Skyline along Beach Road for the second half of 2019. The contribution from its investment properties is also expected to remain positive.
"However, the group will take a cautious approach in its search for investment opportunities," Hong Fok added.
No dividend was declared for the period, the same as a year ago.
Shares of Hong Fok ended trading at $0.81 on Wednesday, up one cent or 1.25 per cent, before the results were released.