Hiap Hoe issues profit warning guiding for loss in H2 FY22

THE board of directors of Hiap Hoe said on Friday (Feb 3) that the group is expected to report a loss for its second half ended Dec 31, 2022, as compared to a profit in the year-ago period.

The group said in a bourse filing that the expected losses in H2 FY22 are “mainly due to the fair-value changes in financial instruments arising from the group’s investment portfolios due to elevated volatility and significant declines across asset classes”.

For H2 FY21, Hiap Hoe reported revenue of S$48.3 million and net profit of S$13.8 million.

The real estate group did not provide figures on Friday to indicate the amount of loss that it expects to report in H2 FY22. It noted that further details of the group’s financial performance will be disclosed when it announces the unaudited results on or before Feb 28.

Hiap Hoe shares closed unchanged on Friday at S$0.755, before the announcement.