Ho Bee Q1 net profit up 230%

Ho Bee Investment’s first quarter net profit more than tripled to S$52.1 million, clocking a 230 per cent increase.

The property developer attributed the jump to the disposal of its long term investment in Chongbang Holdings (International).

Group turnover for the first quarter rose 68 per cent to S$60.8 million, due mainly to the higher recognition of revenue from property development.

Revenue from the group’s property development increased 75 per cent to S$58.1 million.

This was attributed to higher revenue recognition from its residential project, Trilight, and industrial project, One Pemimpin.

Ho Bee expects the group’s earnings for 2013 to be positive and added that the firm continues to look for investment and development opportunities, especially overseas.

Source – CNA – 23 Apr 2013

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