Net profit jumps to $157.3m for period ended June, up from just under $37m a year ago
HO Bee Group has posted a big jump in group net profit to $157.3 million for the second quarter ended June 2009, up from $36.96 million a year earlier, thanks mainly to profit booked for two projects at Sentosa Cove that were completed in Q2 – The Coast condo and Paradise Island comprising 29 villas.
Shareholders will be rewarded with a doubling of interim dividend to two cents a share.
The group’s Q2 bottom line improvement was despite write-downs totalling $109.8 million. These comprised $30.4 million of fair-value losses on revaluation of investment properties (mostly Ho Bee’s stake in Samsung Hub), a $25.4 million write-down on development properties Continue reading
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