Ho Bee Land continues to foray into overseas markets to enhance its earnings.
Property developer Ho Bee Land saw its net profit for the fourth quarter ended 31 December 2016 drop 33.1 percent to $129.5 million.
Group turnover increased 19 percent to $42.5 million, while earnings per share dropped to 19.5 cents from 29.1 cents.
For the full year, net profit fell 11 percent to $216.8 million from $242 million in 2015, mainly due to “lower gain in fair value of investment properties, which amounted to $104.1 million as compared to $186.4 million in the previous year”.
Group turnover soared 130 percent to $299.4 million, primarily due to sales recognition of two residential projects in Gold Coast and Melbourne in Australia, which were completed in the first half of 2016.
Earnings per share for the year fell to 32.5 cents from 36.3 cents in the previous year.
“Despite the foreign exchange loss arising from Brexit and the challenging real estate environment, the group had performed reasonably well,” said Group CEO and Chairman, Chua Thian Poh.
“This good performance is attributed to the solid recurring income from our investment properties, as well as the contributions from our Australia and China development projects.”
With this, the board has proposed a first and final dividend of six cents per share, he noted.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
