Ho Bee's net profit plunged 48.1% to $314.5m in FY14

Due to a dearth of property sales.

Ho Bee land reported that its net profit plunged 48.1% to $314.5m in FY14, due to a the absence of revenue recognition for sales of development properties,

Group turnover was pegged at $99.6 million in FY14, a decrease of 29% from the previous year. Correspondingly, profit attributable to shareholders decreased 47% to $315m in FY14 from $591.8m in FY13.

Earnings per share for the year under review was 47.2 cents against 87.4 cents in the preceding year.

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