Ho Bee’s full-year profit up 262% to S$337m on record revenues

Mainboard-listed property group Ho Bee Investment said its full year net profit jumped 262 per cent to S$337 million from the preceding year.

The strong profit was achieved on the back of a record revenue. Revenue for the financial year ended December 31 almost quadrupled to S$1.16 billion. Sales rose 284 per cent from the S$302 million achieved in 2008.

The company also recorded strong fourth-quarter profits, propelled by the recovery in the property sector.

Ho Bee posted a 282 per cent on-year increase in its fourth-quarter net profit to S$43.1 million.

Chua Thian Poh, chairman and CEO of the Ho Bee Group, said that the overall outlook of the property market remains positive. He expects demand for the mid- to high-end residential projects to remain resilient.

Mr Chua added that, going forward, Ho Bee is actively looking at property development opportunities overseas, particularly in China.

Source : Channel NewsAsia – 12 Feb 2010