Hwa Hong Q1 profit plunges 50.2%

HWA Hong Corporation's net profit for the first quarter ended March 31, 2015, plunged 50.2 per cent to S$1.21 million, compared to S$2.43 million in the year-ago period.

Over the same period, its revenue held steady, dipping 1.5 per cent to S$5.78 million, compared to S$5.86 million in the first quarter of 2014.

Profit before tax from Hwa Hong's rental segment in the first quarter fell 53.2 per cent to S$0.78 million, mainly due to the absence of the S$1.3 million gain from the disposal of its residential development, Rivergate, in Q1 2014.

Profit before tax from its investment segment fell 21.5 per cent to S$1.07 million, primarily due to the decrease in dividend income mainly from a US$0.6 million distribution in Q1 2014 made by a fund held by the group.

Earnings per share for Q1 2015 was 0.19 cent, down from 0.37 cent in the year-ago period.

Meanwhile, net asset value per share stood at 32.04 cents, down from 32.21 cents in Q1 2014. No dividends were declared for the quarter.

On Friday, Hwa Hong closed trading down half a cent at S$0.34.