Ho Bee Investment profit down 4%

Net profit for the third quarter was S$31.5 million.

In an announcement Ho Bee Investment Ltd said Group turnover increased 6%, from S$56 million in 3Q2011 to S$59.1 million, due to higher revenue recognition from development properties.

Meanwhile share of profit from jointly controlled entities rose 165% to S$20.2 million from S$7.6 million in the corresponding period last year. Earnings per share was 4.5 cents, the same as the third quarter of 2011.

For the nine months period, profit attributable to shareholders decreased 13% from S$137.6 million in the previous year to S$120.2 million, translating to an earnings per share of 17.1 cents.

The drop was due to the 10% decrease in Group turnover, lower gain on sale of investment property, and lesser share of profit from jointly controlled entities.