HO Bee Investment Ltd. reported unaudited group earnings results for the second half, fourth quarter and full year ended December 31, 2011. For the fourth quarter, profit attributable to owners of the company was SGD 67.1 million against restated profit attributable to owners of the company of SGD 124.7 million last year. Diluted earnings per share were 9.49 cents against restated diluted earnings per share of 16.94 cents last year. Group turnover was SGD 69.3 million against restated turnover of SGD 135 million in the same period last year, as a result of the higher revenue recognition from development properties in the same quarter last year. Profit from operations was SGD 58.1 million against restated profit from operations of SGD 144 million last year. Profit before taxation was SGD 70.0 million against restated profit before taxation of SGD 150.6 million last year. Net cash inflow from operating activities was SGD 11.7 million against restated net cash outflow from operating activities of SGD 226.7 million last year. Purchase of property, plant and equipment was SGD 20,000 against restated purchase of property, plant and equipment of SGD 4,000 reported last year. Decrease in turnover was mainly due to the lower recognition of revenue from property development projects in the current quarter. Purchase of financial assets was SGD 150,000 against restated purchase of financial assets of SGD 10,000 a year ago. For the year, the company reported profit attributable to owners of the company of SGD 202.5 million or 27.98 cents per diluted share compared to restated profit attributable to owners of the company of SGD 333.0 million or 45.25 cents per diluted share last year. The decrease was due mainly to the 43% decrease in group restated turnover from SGD 600.4 million to reported SGD 341.5 million, as a result of higher revenue recognition from development properties in fiscal 2010. Profit from operations was SGD 185.2 million against restated profit from operations of SGD 352.6 million last year. Profit before taxation was SGD 228.4 million against restated profit before taxation of SGD 402.1 million last year. Net cash inflow from operating activities was SGD 215.6 million against restated net cash inflow from operating activities of SGD 320.7 million last year. Purchase of property, plant and equipment was SGD 1.8 million against restated purchase of property, plant and equipment of SGD 0.07 last year. Decrease in turnover was due to the higher revenue recognition of development properties recorded in the previous year. Purchase of financial assets was SGD 662,000 against restated purchase of financial assets of SGD 325,000 a year ago. Purchase of other assets was SGD 5.131 million against restarted purchase of other assets of SGD 1.220 million a year ago. NAV for the group was SGD 2.34 at December 31, 2011 against SGD 2.01 at December 31, 2010. NAV for the parent was SGD 1.06 at December 31, 2011 against SGD 0.75 at December 31, 2010. For the second half, sales were SGD 125.2 million against SGD 233.9 million last year. Operating profit after tax before deducting minority interests reported for second half year was SGD 98.2 million against SGD 165.7 million last year. For the year, the company proposed final one-tier tax exempt cash dividend of 4 cents per ordinary share compared to one-tier tax exempt cash dividend of 3 cents per ordinary share paid last year. Subject to shareholders approval at the annual general meeting of the company to be held on April 27, 2012, the final dividend will be paid on May 31, 2012. The share transfer books and register of members of the company will be closed on May 15, 2012. Duly completed transfers received by the company's share registrar, M & C Services Private Limited up to the close of business at 5.00 p.m. on May 14, 2012 will be registered to determine entitlements to the final dividend. The group's earnings for 2012 will continue to be positive with the expected completion of industrial project, One Pemimpin and residential projects, Parvis and Trilight.