Ho Bee's revenue up, but net profit misses

By Romesh Navaratnarajah: Singapore-listed Ho Bee Investment posted a 5.6 percent growth in its Q3 revenue to S$59.1 million on the back of higher contributions from its projects. At the same time, the group's profit share from jointly controlled entities rose more than two-fold to S$20.2 million from S$7.6 million last year, The Business Times reported.

However, net profit declined 3.5 percent to S$31.5 million compared to the same period last year.

Last month, Ho Bee announced the sale of Hotel Windsor (pictured) at MacPherson Road for S$163 million. The deal is expected to result in a gain of around S$121 million based on the original purchase price of S$42 million. 

Of this S$121 million gain, S$94.7 million has been accounted as revaluation reserve as at end-September 2012. The remaining S$25.9 million will be recognised as profit upon completion of the sale in May 2013, the company said.  Related Stories: Giant pandas inspire charity drive

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