Hiap Hoe braces for loss, issues profit guidance for Q4

The weak property market is to blame.

Mainboard-listed real estate group Hiap Hoe Limited has issued a profit guidance in light of an anticipated loss for the fourth quarter.

Hiap Hoe expects to record a net loss in Q4 due to agent sales commissions on sold units for Marina Tower, a residential property at Melbourne which forms part of the mix-development project, as well as qualifying certificate extension charges for Treasure On Balmoral

The expected loss is also on back of an impairment loss for Treasure On Balmoral, as well as a foreign exchange loss, a fair value loss on investment in Ley Choon Group Holdings, and property taxes.

Hiap Hoe expects to remain profitable for the full year.

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