Ho Bee Group said on Monday its net profit for the second quarter ended June 30, 2008 fell 70.4 per cent to $36.96 million compared to $125.1 million a year ago.
Revenue for the quarter of registered a 27 per cent decrease over the corresponding period last year, down from $160 million to $116.8 million.Ho Bee said this was mainly attributed to the lower recognition of revenue from property development projects in the current quarter.
Ho Bee also said another contributing factor was the $71 million gain in fair value of investment properties recorded in the second quarter of last year. Excluding the $71 million fair value gain, it said the the drop in net profit would be 32 per cent.
Revenue from property investment continues to grow. For the first half of 2008, it registered revenue of $8.3 million, which exceeds the corresponding period last year by 79 per cent. This was attributed to the higher rental income from the office space at Samsung Hub and industrial buildings at HB Centre II and One Tannery Road.
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