Property Group Ho Bee said net profit for the third quarter this year fell 52.3 per cent to S$18.72 million compared to a year ago.Revenue was down 59.4 per cent at S$52.55 million. This was due mainly to the lower recognition of revenue from property development projects in the current quarter.
It said the expected completion of five of the group's residential projects by the 1st half of 2009, namely, The Coast, Paradise Island, Orange Grove Residences, Vertis & Quinterra will have a significant contribution to the Group's revenue and earnings for FY 2009.
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