Hiap Hoe back in the black for H2 FY21; posts S$13.8m net profit

Singapore

PROPERTY developer Hiap Hoe is back in the black for the 6 months ended Dec 31, 2021, with net profit coming in at S$13.8 million, compared to a loss of S$15.6 million in the year-ago period.

This was partly driven by a 32 per cent increase in total revenue to S$48.3 million for H2 FY21. In particular, revenue from hotel operations went up by S$14.1 million, or 30.7 per cent, with the gradual reopening of borders and easing of travel restrictions in Australia, UK and Singapore.