Hiap Hoe back in the black with S$1.44m Q2 profit

PROPERTY group Hiap Hoe reported a net profit of S$1.44 million for the second quarter ended June 30, a reversal of a loss of S$3.1 million for the same period a year ago, due mostly to fair-value changes in financial instruments.

Revenue went down 3.1 per cent to S$23.2 million, mainly as a result of a lower sale of its development properties compared to the same quarter last year.

Earnings per share was 0.31 Singapore cent, compared to a loss of 0.66 Singapore cent a year ago.

An interim dividend of 0.5 Singapore cent per share was declared for the period. There was no dividend the year before.

In a filing to Singapore Exchange, the group said it will continue to grow its recurring income base and evaluate property development and investment opportunities locally and overseas.

It also expects the hotel sector to "remain competitive with increased supply of hotel rooms in Singapore as well as overseas".