FY earnings of Hiap Hoe more than quadruples to $34.3 million

Niche property developer Hiap Hoe said its net profit for the full year more than quadrupled by 319.5 percent to a record $34.3 million.

Hiap Hoe’s good performance was attributed to revenue recognition from several of its development projects.

For the full year, its revenue increased 272 percent to $110.5 million.

Hiap Hoe's profit in the fourth quarter soared to $9 million, compared with just $300,000 the year before. Its revenue for the fourth quarter expanded about 162 percent to $26.4 million.

However, looking ahead, Hiap Hoe said it is wary about its outlook for this year.

A first and final cash dividend of 0.25 Singapore cents per ordinary share has been proposed by the Board. Hiap Hoe is also proposing a bonus issue of one bonus share for every four existing ordinary shares.