Hiap Hoe’s revenue rose 2.8% to $31.2 million in 1Q2014 compared with $30.3 million in 1Q2013. The increase was mainly attributed to rental income from the group’s investment properties in Australia as well as the consolidation of a one-month income from SuperBowl Holdings. Hiap Hoe acquired 90.8% of the issued and paid-up capital of Super- Bowl on Feb 28.

As at March 31, the group owned 97.8% of the issued and paid-up capital of SuperBowl. With the acquisition of Superbowl, the group recognised negative goodwill of $148.7 million and a $199.9 million gain on recalibration of investment in the joint-venture company to fair value. Consequently, the group’s earnings in 1Q2014 surged to $354.2 million compared with $9.8 million in 1Q2013.

However, revenue contribution from the group’s development properties was lower at $22 million in 1Q2014, compared with $30.3 million in 1Q2013. Rental income in 1Q2014 was $4.9 million and accounted for 15.7% of total revenue. Rental incomeincluded $3.6 million in maiden contribution from the group’s investment properties in Australia that were acquired in 4Q2013 as well as $1.3 million from SuperBowl. The group’s hotel operations generated $3.3 million, or 10.5% of total revenue, while its leisure business contributed $1 million, accounting for 3.1% of total revenue.