Ho Bee Land's Q2 profit slips 14% to S$36.1m

HO Bee Land on Monday posted a 14.1 per cent drop in second-quarter net profit to S$36.1 million from S$42 million a year ago.

Revenue for the three months ended June 30 fell 78.4 per cent to S$37.4 million from S$172.8 million mainly due to the higher sales recognition of two residential development projects in Melbourne and Gold Coast which were completed in the second quarter of last year.

Earnings per share for Q2 came in lower at 5.42 Singapore cents versus 6.31 Singapore cents a year ago.

No dividend was recommended for the period, the same as the previous corresponding period.

For the first half, the real estate firm's net profit rose 53 per cent to S$92.4 million on the back of a 62 per cent drop in revenue to S$79.8 million.

Ho Bee Land shares slipped one Singapore cent or 0.4 per cent to finish at S$2.41 on Monday.