SINGAPORE (Feb 27): Property group Ho Bee Land has declared a 33.1% decline in 4Q16 earnings to $129.5 million from $191.7 million a year ago.

The group’s decline in profit for the quarter was mainly due to lower gain in fair value of investment properties, amounting to $104.1 million compared to $186.4 million in the preceding year.

This was partially offset by the group’s turnover for the quarter, which amounted to $42.5 million, an increase of 19% over the corresponding period last year, mainly attributable to the sales recognition of two residential development projects in Melbourne and Gold Coast, Australia.

Share of profits in associates from the Shanghai and Zhuhai projects amounted to $8.1 million as compared to $20.0 million in 4Q15.

Share of profits from jointly controlled entities in Tangshan and Sentosa Cove was $2.4 million, a turnaround from 4Q15’s loss of $38.6 million.

For the full year, earnings fell 11% to $216.8 million from $242.2 million in FY15, bringing earnings per share for the year under review to 32.5 cents compared to 36.3 cents in the preceding year.

In its outlook, Ho Bee Land says it expects the group’s operating performance to remain profitable despite “unprecedented political and economic uncertainties” because of its sustainable business model.

Its board has proposed a first and final dividend of 6 cents per share, which will be paid on May 31 upon approval at its AGM to be held on April 25.

Shares of Ho Bee Land closed 2 cents higher at $2.30 on Monday.