Hiap Hoe's Q1 earnings surge to $354.2m

Singapore

REAL estate group Hiap Hoe's net profit for the first quarter ended March 31, 2014, surged to $354.2 million from $10.2 million a year earlier.

This was boosted by the recognition of negative goodwill of $148.7 million arising from the acquisition of SuperBowl. In addition, the group recognised a gain of $199.9 million as a result of remeasuring its 50 per cent equity interest in HHP to fair value upon business combination which was achieved in stages.