Ho Bee Group says attributable profit for the fourth quarter ended Dec 31 fell 46.2% to $67.07 million compared to the same period last year.
Revenue for the quarter declined 48.7% to $69.25 million from last year due to the lower recognition of revenue from property development projects in the current quarter.
For the full-year ended Dec 31, Ho Bee registered a 39.2% fall in attributable profit to $202.51 million compared to last year.
Group turnover for full year was $341.52 million, 43% lower than that of FY2010 due to the higher revenue recognition of development properties recorded in FY2010.
Ho Bee says the additional buyers' stamp duty on the private residential properties effective from Dec 8 last year will have an impact on the its residential projects.
However, Ho Bee expects FY2012 to be profitable with the expected completion of industrial project, One Pemimpin and residential projects, Parvis and Trilight.
The company has declared a final cash dividend of 4 cents for FY11.
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