Company Briefs: Ho Bee Land

Ho Bee Land

Ho Bee Land reported a 20.9 per cent drop in net profit for the fourth quarter ended Dec 31 to $102.44 million, as revenue from development projects fell due to project completions in Australia in 2016.

Given a steep 46.9 per cent fall in sales of development projects to $3.46 million, group revenue fell 3.1 per cent to $41.17 million. But rental income rose 4.9 per cent to $37.7 million.

For the full year, Ho Bee’s net profit grew 15 per cent to $249.26 million, buoyed by a surge in the share of profits from associates.

Ho Bee’s group revenue for the full year also marked a 45 per cent drop to $164.7 million as it recorded higher sales recognition in 2016 for the two wholly owned residential development projects in Melbourne and Gold Coast.

Ho Bee still has 103 unsold units at Seascape and 48 unsold units at Turquoise. About 80 per cent of these units have been rented out.

As for the yet-to-be launched 302-unit Cape Royale, over 200 units have been leased out.

The board proposed a first and final dividend of eight cents per share, plus a special dividend of two cents. This is higher than a year ago, when it declared a first and final dividend of six cents.

Indofood Agri

Lower contributions from its plantation division and the absence of a one-off gain dented results for agribusiness player Indofood Agri (IndoAgri) in its fourth quarter.

Net profit for the three months ended Dec 31 fell 65.4 per cent to 76.94 billion rupiah (S$7.1 million) while revenue fell 15.7 per cent to 3.59 trillion rupiah. For the full year, revenue grew by 9 per cent to 15.83 trillion rupiah. The rise was mainly due to higher sales contributions from the plantation, and edible oils and fats divisions.

However, net profit declined 11.7 per cent to 447.31 billion rupiah. This was mainly attributable to lower gross profit arising from higher palm production costs, negative effects from foreign currency fluctuations, changes in fair values of biological assets, IndoAgri said.

Jaya Holdings

Jaya Holdings, which was previously an offshore fleet and shipyard play, will be delisted from the Singapore Exchange (SGX) with effect from today. It became a cash company after selling its businesses for $625 million in 2014 to Mermaid Marine Australia.

It entered into a reverse takeover agreement to acquire Heduru Moni in May 2016 for $232.2 million under an all-share deal. But this was terminated after it failed to get SGX’s approval.

“Source:[Company Briefs: Ho Bee Land] © Singapore Press Holdings Limited. Permission required for reproduction”

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