Hiap Hoe Q3 net swells to $33.3m

PROGRESSIVE revenue recognition from three residential projects helped property group Hiap Hoe to more than double its third quarter net profit to $33.3 million from $13.3 million a year ago.

Earnings per share for the three months ended Sept 30 rose to 7.07 cents from 2.83 cents last year.

Revenue jumped 98.6 per cent to $81.1 million. The increase was largely driven by $80.5 million in progressive revenue recognition from the sale of residential projects Signature at Lewis, Skyline 360 and Waterscape at Cavenagh, compared to the $24.9 million that was recognised a year ago.