Ho Bee's Q1 earnings hit by lower recognition of Shanghai sales

Singapore

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.