Ho Bee Land Q2 earnings slump 80% to S$14.4m

Singapore

PROPERTY company Ho Bee Land's second-quarter earnings plunged 79.9 per cent to S$14.4 million, owing to its share of losses from associates and jointly controlled entities - amounting to S$6.7 million, reversing from profits of S$28.3 million in the previous corresponding period - and an absence of fair value gain that had boosted profits in the same period last year.

This came about as its Shanghai and Zhuhai associates chalked up accrual of land appreciation tax amounting to S$20.5 million.