Hong Fok's Attributable Profit Declines in H2 2024; Shares Down 4%
Hong Fok's attributable profit fell to SG$20.1 million in H2 2024 from SG$81.2 million the previous year, with earnings per share dropping to SG$0.0313. Revenue slightly decreased to SG$59.7 million, attributed to lower sales from Concourse Skyline. The company proposed a final dividend of SG$0.01 per share. Following the announcement, shares declined by over 4%.
Hong Fok's attributable profit to owners declined during the second half of 2024 to SG$20.1 million from SG$81.2 million a year earlier, according to a filing with the Singapore Exchange on Friday.
Earnings per share slumped to SG$0.0313 compared with SG$0.1266 in the comparable period.
Revenue declined to SG$59.7 million from SG$59.8 million a year earlier, mainly due to a decrease in revenue from the sale of residential units in Concourse Skyline.
The company recommended a first and final dividend of SG$0.01 per share for the period.
Shares of the property developer were down over 4% in recent trading.
