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Ho Bee Land's Q3 bottom line soars 103%
PROPERTY Group Ho Bee Land Limited recorded a 103.5 per cent jump in this third-quarter net profit to S$54.4 million, as profit from its Chinese projects help to lift the bottom line.
On Thursday, the mainboard-listed company said that share of profits from associates rose "substantially" by 525 per cent to S$28.7 million, contributed mainly from its joint venture project in Shanghai, China.
Share of profits from jointly controlled entities increased by 268 per cent to S$2.6 million with the main contribution from the residential project in Tangshan, China.
For the three months ended Sept 30, earnings per share increased to 8.2 Singapore cents from four Singapore cents the year before.
Group revenue for Q3 2017 decreased 7 per cent to S$43.7 million. This was mainly due to the lower sales recognition of two residential development projects in Melbourne and Gold Coast, Australia, the group said.
The share of distribution income from Eporo Tower residential project, a jointly controlled operation in Australia, amounted to S$8 million.
Chua Thian Poh, chairman and CEO of Ho Bee Land, said: "In Singapore, the outlook for the residential and commercial property markets has improved. Although the Brexit situation in UK is still uncertain, we are confident of the long-term investment prospects.
"With the sustainable recurring income from our portfolio of investment properties in Singapore and UK, coupled with the development profits from China and Australia, we remain profitable for the year," he said.
Mr Chua added that the group continues to seek business opportunities locally and overseas.
In Singapore, apart from developing luxury homes in Sentosa Cove, Ho Bee Land's portfolio of investment properties includes the commercial landmark in the one-north precinct, The Metropolis.
Other buildings in its portfolio of investment properties include 1 St Martin's Le Grand, 60 St Martin's Lane, 39 Victoria Street, 110 Park Street, Apollo & Lunar House and 67 Lombard Street in London.
Ho Bee Land closed one Singapore cent lower, or 0.4 per cent, to S$2.57 on Thursday.