Ho Bee Land's Q1 profit plunges 92.1% to $4.1m

HO BEE Land's first-quarter net profit tumbled 92.1 per cent to $4.1 million from $52.1 million a year ago.

Revenue slid 71.9 per cent, from $60.8 million to $17.1 million, for the three months ended March 31. This was primarily due to a lack of recognition of revenue for development projects as there were no new sales in the quarter and all units previously sold had been fully recognised at the end of last year, the property developer said yesterday.

In addition, the group reported a gain of $47 million on the sale of an available-for-sale investment in the first quarter of last year.