Property group Ho Bee Investment says it posted a record net profit after tax and minority interests of $293.9 million for the nine months ended 30 September 2009, up 259% from the $81.8 million it registered in the previous corresponding period.

Group turnover for the first nine months of 2009 quadrupled to hit a new high of $1.06 billion, up 302% from the $263.5 million it achieved in the previous corresponding period.

Ho Bee says the group’s nine-month turnover and attributable profit have exceeded what it had achieved in its previous record-breaking year of the whole of FY 2007 by 78% and 8% respectively. This sterling result was achieved despite a write-down of $110 million in fair value changes of investment and development properties in the 2nd quarter of 2009.

Profit before tax for the period under review soared to $395 million, an increase of 263% over the $108.9 million it recorded in the previous corresponding period.

With this strong performance, earnings per share for the period under review rose substantially to 39.9 cents against 11.1 cents in the preceding year.

Revenue from the group’s property development in the first nine months of 2009 swelled to an all-time high of $1.04 billion, an increase of 326% over the $244.7 million it registered in the corresponding period last year. The main contribution came from the revenue recognition of residential projects, namely, Orange Grove Residences (for which Temporary Occupation Permit was received in July this year), The Coast, Turquoise and Paradise Island in Sentosa Cove, The Orange Grove, Quinterra and Vertis.

The group’s revenue from property investment also saw a rise, registering $14.9 million in the first nine months of 2009 or a 20% increase. Quarter-on-quarter, it amounted to $5.5 million, an increase of 32%.The increase was attributed to the rental income from its new industrial buildings, Platinum 28 at Genting Lane and Forte at New Industrial Road which were completed about a year ago.

Ho Bee says the group’s financial standing remains strong with shareholders’ fund of $1.15 billion as at 30 September 2009. Its net asset value per share rose $0.36 to $1.56 from $1.20 at the end of last year. Net gearing has dropped to a low of 0.26 times from 1.26 times as at the end of 2008.