Hiap Hoe returns to the black with net profit of S$16.2m in Q4

Singapore

PROPERTY developer Hiap Hoe registered a net profit of S$16.2 million for the fourth quarter ended Dec 31, a turnaround from its net loss of S$13.3 million in the previous corresponding period.

Part of this was due to a gain on bargain purchase of S$13.5 million, which came from the acquisition of Rowe Avenue in Perth. The group also recorded a fair-value gain in financial instruments of S$6.7 million compared to a fair-value loss of S$15.5 million previously.