Hiap Hoe releases profit guidance amid expected loss in Q4

Muneerah February 10, 2015

Hiap Hoe releases profit guidance amid expected loss in Q4

Hiap Hoe Limited has released a profit guidance in view of an anticipated loss for Q4 2014, reported the media.

The mainboard-listed property group expects to see a net loss in the fourth quarter due to qualifying certificate extension charges for Treasure on Balmoral as well as agent sales commissions on sold units for Marina Tower, which is a residential property located in Melbourne that is part of a mixed-development project.

The expected loss also comes on the back of foreign exchange loss, impairment loss for Treasure on Balmoral, fair value loss on investment in Ley Choon Group Holdings as well as property taxes.

Nonetheless, the group still expects to be profitable for the entire year.

Hiap Hoe’s residential portfolio in Singapore includes Skyline 360°, Waterscape at Cavenagh, The Beverly, Signature At Lewis, Oxford Suites and Cuscaden Royale.

 

Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg

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