HO BEE Investment has ridden the latest property wave to turn in a near quadrupling of fourth-quarter net profits to $43.1 million, from $11.3 million in the same period a year earlier.
The sterling quarter capped off a record-breaking financial year ended Dec 31, the company said.
One key factor boosting the bottom line was a $21.7 million hike in the valuation of development properties after they had been written down in the recession-hit second quarter.
Revenues shot up 157 per cent to $99.2 million from the same quarter a year earlier.
This was helped by income from new industrial properties which boosted property investment revenues by 27 per cent.
Quarterly earnings per share increased to 5.86 cents from 1.53 cents in the corresponding quarter in 2008.
Net asset value per share was $1.63 as of Dec 31 from $1.20 a year earlier.
Full-year profits of $337 million also soared, up from $93 million previously – as did full-year revenue which shot up to $1.16 billion from $302 million.
The dazzling set of figures was boosted by maiden recognition of sales from Trilight at Newton along with completed projects including Vertis, Quinterra, The Coast, Paradise Island and Orange Grove Residences.
With its positive outlook for the property market, the group will be launching Seascape, a joint-venture project with IOI Land, in Sentosa Cove by the end of the current quarter, said chief executive Chua Thian Poh.
The group will also be scouting for development opportunities in China this year, he said.
Full-year earnings per share were 45.8 cents last year, up from 12.6 cents.
Ho Bee has proposed a final dividend of two cents per share.
The group’s share price closed a cent lower at $1.74, after the announcement of the results.
Source : Straits Times – 13 Feb 2010
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