Ho Bee Q4, full-year profit down on lower gain in value of investment properties

HO Bee Land on Monday posted a 33.1 per cent drop in net profit to S$129.5 million for the fourth quarter ended Dec 31, 2016, from S$193.7 million in the same year-ago period.

Net earnings for the full year also slipped 10.5 per cent to S$216.8 million.

The earnings declines for both periods were due largely to lower gain in the fair value of investment properties.

For Q4 FY2016, group turnover increased 18.7 per cent to S$42.5 million from the year-ago period. Fourth-quarter earnings per share fell to 19.5 Singapore cents from 29.1 Singapore cents in Q4 of the preceding year. Net asset value per share increased to S$4.39 as at Dec 31, from S$4.23 a year ago.

Ho Bee is proposing a first and final dividend per share of six Singapore cents. In the previous year, it had given a five Singapore cent first and final dividend and a two Singapore cent special dividend.

Ho Bee shares closed two Singapore cents higher at S$2.30 on Monday.

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