Premium Integrated property developer Hiap Hoe (SGX: 5JK) said second-quarter revenues jumped 87% from S$43m to $80m. This was mainly due to higher progressive revenue recognition from WaterScape @ Cavenagh and sales of units at Signature At Lewis and Skyline 360°.
Second-quarter gross profit more than doubled to $38.3m compared to S$16.4m last year because of the higher revenue and margin contributions from the Group’s on-going projects. There was a huge jump of 75.9% in net profit attributable to shareholders to S$29.3 million.
Earnings per share rose to 6.24 Singapore cents for 2Q2013, up from 3.54 Singapore cents for the corresponding period. As of 30 June 2013, the company’s total borrowing stood at $145m. The net asset value per share rose from 65 cents to 73 cents.
The company has declared a record interim cash dividend of 1.2 Singapore cents per share, backed by the stellar performance. This is 20% more than the 1 cent per share declared for the whole of Financial Year 2012.
Mr Teo Ho Beng, Hiap Hoe’s Executive Chairman and Chief Executive Officer, was upbeat about the company’s results. He said: “I am delighted that the Group has performed exceptionally well at a time when the industry is facing challenges arising from slower economic growth and ongoing efforts by the authorities to stabilise Singapore’s property market.”
He added: “Our strong performance is underpinned by Hiap Hoe’s reputation as a premium property developer and our continual success in bringing to the market distinctive projects that are located in excellent locations.”
Hiap Hoe’s shares closed at $0.74 on 5th August 2013.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.