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Hiap Hoe sinks into 1Q loss despite revenue surge

Michelle Zhu
Michelle Zhu5/9/2018 07:42 AM GMT+08  • 2 min read
Hiap Hoe sinks into 1Q loss despite revenue surge
SINGAPORE (May 9): Property group Hiap Hoe has announced a loss of $1.3 million for 1Q18, reversing into the red from earnings of $7.1 million a year ago on higher expenses and foreign exchange losses.
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SINGAPORE (May 9): Property group Hiap Hoe has announced a loss of $1.3 million for 1Q18, reversing into the red from earnings of $7.1 million a year ago on higher expenses and foreign exchange losses.

This comes despite a near doubling of revenue to $49.2 million over the quarter compared to $25.3 million in 1Q17 on an increase in contributions across all segments, particularly development properties and hotel operations.

Development properties revenue grew 45.1% to $22.2 million due to the increased sale of units at Marina Tower, Melbourne.

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