Mainboard-listed property group Ho Bee Investment says profit attributable to shareholders for the three months ended 30 September 2011 (3Q2011) decreased 16% to $32.6 million from $38.8 million in the previous year (3Q2010).
Group turnover fell 43% lower to $56 million from $98.9 million, due to lower revenue recognition from development properties.
Revenue from property development in 3Q declined 45% to $49.9 million from last year while turnover for property investment decreased 42% to $3.9 million.
Chua Thian Poh, Chairman & CEO of Ho Bee Group, says the group’s revenue for the last quarter of the year would be underpinned by the progressive recognition of income from the residential projects that had been sold and earnings are expected to remain positive.
No comments:
Post a Comment