Ho Bee Land profits down 14.1% to $36.7m in Q2

Whilst its revenue dropped a whopping 78.4% to $37.4m.

Real estate company Ho Bee Land's earnings fell by 14.1% from $42.1m to $36.7m in Q2.

Currently, the company has earnings of 5.42 cents per share.

According to the company's financial statement, revenue suffered a drop of 78.4% from $172.8m to $37.4m.

The company cited higher sales recognition of its two residential development projects in Australia that were finished in 2Q2016.

The group's bottom-line only got boosted by profits from associates and joint investments in China.

Share of profits from associates rose 61% from $7.6m $12.2m thanks to its residential project in Shanghai. Ho Bee Land also made distribution income of $4.5, from its recently finished project in Melbourne.