Ho Bee Investment, a property developer and investment firm in Singapore, has recorded a 16 percent drop in net profit to S$32.6 million for the third quarter of this year, as its revenue fell 43.4 percent to S$55.95 million.
This resulted in a 34 percent year-on-year decline in net profit to S$137.6 million for the nine months ended 30 September 2011.
Ho Bee’s property development division, the group’s largest revenue contributor, registered a 43 percent decrease in revenue to S$252.3 million from S$441.million last year.
For its property investment arm, turnover for Q3 2011 also declined 42 percent to S$3.9 million, attributed to the sale of the industrial properties, Platinum 28 and TG Building, as well as several office floors at Samsung Hub.
Earnings per share (EPS) in Q3 2011 stood at 4.5 cents, a decrease from 5.3 cents last year.
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