Ho Bee posts 31% increase in net profit to $54.5m for 1Q

Ho Bee Investment says it posted $54.5 million net profit after tax and minority interest for the first quarter ended 31 March 2011.

This is an increase of 31% over the previous corresponding quarter.

The increase was mainly attributed to the 32% rise in share of profit of jointly controlled entities from $10.8 million to $14.2 million and the gain of $18.1 million from the sale of investment properties.

Group turnover for the first quarter of 2011 was lower by 15% from $92.4 million in the same period last year to $78.6 million. The drop in revenue was mainly due to lower recognition of revenue from property development.

Earnings per share rose 1.7 cents to 7.4 cents while total shareholders’ fund as at 31 March 2011 amounted to $1.53 billion, representing a net asset value of $2.08 per share.

Revenue from the group’s property development in the first quarter of 2011 was $71.5 million, 16% lower than the corresponding period last year. Contributions to revenue for the 1st quarter this year were from The Orange Grove and Trilight residential projects.