Singapore-listed property firm Ho Bee Investment Ltd has posted a 39 percent drop in net profit to S$202.5 million for the financial year ended 31 December 2011, with revenue also falling 43 percent to S$341.5 million.
The company said the decline was attributed to “the higher revenue recognition on the completion of residential projects, Turquoise at Sentosa Cove (pictured) and The Orange Grove at Orange Grove Road, in 2010.″
Revenue from both the property development and property investment divisions also fell 44 percent and 32 percent to S$316.3 million and S$17.1 million respectively. This was partly due to the divestment of TG Building in the second half of 2010 as well as the sale of office space at Samsung Hub and Platinum 28 in 2011.
Ho Bee noted that the additional buyer’s stamp duty (ABSD) implemented in early December last year will impact its residential projects.
However, Chua Thian Poh, CEO and Chairman of Ho Bee, said the company’s “earnings for 2012 will continue to be positive with the expected completion of industrial project, One Pemimpin, and residential projects, Parvis and Trilight.”
Related Stories:
SC Global’s Q4 revenue down 56%
UOL posts strong results for 2011
Design Studio posts robust results