SINGAPORE (Feb 28): Ho Bee Land reported 4Q17 earnings fell 20.9% to $102.4 million from $129.5 million in 4Q16.

This brings FY17 earnings to $249.3 million, 15% higher than $216.8 million in FY16.

Total revenue for the quarter fell 3.1% to $41.2 million from $42.5 million last year, due mainly to lower sales recognition for the two residential development projects in Melbourne and Gold Coast, Australia.

Revenue from sale of development properties dropped 46.9% to $3.46 million from $6.52 million a year ago.

Rental income partially offset the decrease in overall revenue with a 4.9% increase to $37.7 million from $35.9 million last year.

Other operating income was 24.7% lower at $79.3 million from $105.3 million a year ago.

Share of profits from associates more than trebled to $25.6 million from $8.09 million last year.

The group registered foreign exchange losses of $3.36 million during 4Q17, compared to foreign exchange gains of $0.36 million in the previous year.

Other operating expenses increased by 44.2% to $4.31 million from $2.99 million last year.

During 4Q17, the group recorded $12.0 million in losses from jointly controlled entities compared to profits of $2.13 million a year ago.

The group declared a first and final cash dividend of 8 cents per share, as well as a special dividend of 2 cents per share, which will be payable on May 31.

Chua Thian Poh, chairman and CEO of Ho Bee Land, says, “We have seen renewed interest in apartments in Sentosa Cove with prices stabilising and demand improving. This truly waterfront housing has attracted more astute buyers in recent months. We will therefore be exploring the sale of our projects in Sentosa Cove to capitalise on the improved market sentiment.”

Shares in Ho Bee Land closed 3 cents higher at $2.48.