- POSTED: 27 Feb 2014 21:17
Property developer Ho Bee Group saw its fourth quarter net profit increased more than seven times to S$506.1 million from the same period a year ago.
SINGAPORE: Property developer Ho Bee Group saw its fourth quarter net profit increased more than seven times to S$506.1 million from the same period a year ago.
This came on the back of fair value gains from its investment properties amounting to S$493.1 million.
Out of this, S$489.6 million was from the newly completed office development, The Metropolis at One-North.
Meanwhile, the group's turnover declined 75 per cent to S$56.2 million in the same quarter compared to a year ago mainly due to the lower recognition of revenue from its development properties.
For the full year 2013, the company's net profit more than tripled to S$591.8 million from S$187.1 million in the preceding year.
Ho Bee has proposed a final dividend of 5 cents per share and a special dividend of 3 cents per share.
Looking ahead, the company expects the real estate sector to face more headwinds this year.
The group will rely on its twin engines of development and investment income for its future growth.