Haw Par profit slips 10% to $107.9m

HAW Par Group posted a 10 per cent decline in full-year profit on poorer contributions from associated companies and fair-value losses, the diversified property and investment group said yesterday.

Haw Par's net profit slipped to $107.9 million, or 49.4 cents per share, in 2013 as share of results from associated companies fell 58 per cent to $8 million due to lower profits and a year-earlier exceptional gain recorded by a Hong Kong-listed associate.

Revaluation gains on investment properties were also 54.6 per cent lower in 2013 at $10.7 million, compared to $23.5 million a year earlier. Excluding those items and taxes, operating profit would have grown 14.3 per cent to $96.6 million for the year.