Property developer Ho Bee has reported a 62 percent drop in first quarter net profit to S$26 million. Its revenue also fell 62 percent to S$94 million.
Ho Bee said this was mainly due to the lower recognition of revenue from a property development project, The Coast at Sentosa Cove. The company also noted that the global economic and financial uncertainties caused by the US sub-prime crisis will continue to affect the sentiment of both the stock and property markets.
Property transactions are expected to remain weak in the short term.
However, Ho Bee said its revenue and earnings for the next two to three years will be underpinned by the progressive recognition of income from the successful sales of its residential projects. - CNA/ir
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