Ho Bee Land’s net profit falls 76.7% to $7.3m

Will it be able to bear the brunt?

According to OSK, Ho Bee Land announced a 76.7% plunge in third-quarter net profit to SGD7.3m due to lower revenue from property development which slumped 84% year n year to SGD8.5m mainly due to higher revenue recognition last year for the One Pemimpin industrial project, when it was completed.

Here’s more from OSK:
In addition, it is expecting to book a substantial fair-value gain for The Metropolis project in
Singapore's One-North area this quarter. Both Metropolis' Tower 1and 2 have already received Temporary Occupation Permit (TOP) and more than 90 per cent of the space in the development has been pre-committed where it will generate a recurring rental income stream for the group. Third-quarter earnings per share fell to SGD1.1 cents from SGD4.5 cents previously while net asset value per share rose to SGD2.70 as at end-September 2013 from SGD2.58 as at end- December 2012. Net gearing rose marginally to 0.19.