Ho Bee's Q1 earnings hit by lower recognition of Shanghai sales
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LOWER sales and profit recognition from its residential development project in Shanghai, as the project is almost fully sold, caused Ho Bee Land's first-quarter net profit to fall 44 per cent to S$27.7 million, the company said on Tuesday.
The year-on-year decline in net profit was primarily due to a drop in the share of profits from associates amounting to S$4.3 million, from S$28.5 million a year ago, it said.
