SINGAPORE (Nov 9): Ho Bee Land saw earnings double to $54.4 million in 3Q17 from $26.7 million in 3Q16 on higher share of profits from associates.
Revenue for the third quarter ended September was down 6.9% to $43.7 million compared to $47.0 million a year ago, mainly to the lower sales recognition of two residential development projects in Melbourne and Gold Coast, Australia.
Other operating income increased 275.6% to $8.71 million from $2.32 million a year ago.
Share of profits from associates rose 525% to $28.7 million from $4.59 million last year, contributed mainly from the group’s joint venture project in Shanghai, China.
Share of profits from jointly controlled entities increased by 268% to $2.6 million from $0.7 million with the main contribution from the residential project in Tangshan, China.
As at Sept 30, the group’s cash and cash equivalents stood at $131.7 million.
Chua Thian Poh, chairman and CEO of Ho Bee Land says, “In Singapore, the outlook for the residential and commercial property markets has improved. Although the Brexit situation in UK is still uncertain, we are confident of the long term investment prospects.”
The group says that it will continue to seek business opportunities locally and overseas.
Shares in Ho Bee Land closed $2.57 on Thursday.
