Ho Bee Investment has announced that its net profit in the second quarter fell 29 percent to $112.3 million from a year ago.
Revenue also shrank 68 percent to $235.7 million, driven by lower contributions from development properties.
Revenue from property development dropped 69 percent in Q2 to $227.1 million, while revenue from property investment increased 47 percent to $6.8 million. Meanwhile, rental income from retail and industrial space increased.
Chua Thian Poh, CEO and chairman of Ho Bee, said that he is satisfied with the company’s performance “as last year’s result was exceptional”.
Ho Bee has declared an interim dividend of one cent per share for the first half of 2010. The company saw a 61 percent decline in revenue in H1 this year to $328 million, which led to a 21 percent drop in net profit to $154 million.
Going forward, the company expects to remain profitable throughout the year and has development projects on hand. It recently purchased a commercial site at Buona Vista in Singapore that will yield 1.2 million sq ft of office space.