Ho Bee Land H1 profit rises 3% to S$51.1 million on higher development sales
Earnings per share are at S$0.077 for the half-year, up from S$0.075 the year before
Ho Bee Land, a Singapore-based property developer, reported a 3% rise in its half-year net profit to S$51.1 million, with earnings per share reaching S$0.077. Revenue grew 30% to S$230.5 million from S$177.7 million in the previous period. This growth was driven by higher settlements in Australia and increased sales from the Turquoise condominium in Sentosa Cove.
Net asset value per share remained at S$5.70. Rental income increased to S$119.2 million, while direct rental expenses decreased by 40% to S$10.1 million, due to a property tax refund. Net finance costs fell 7% to S$55 million. The group recognized a net unrealised loss of S$5.7 million, mainly due to the weakening Singapore dollar against the Australian dollar.
Profits from jointly controlled entities fell 27% to S$7.2 million. The property development segment contributed S$111.2 million, while property investment contributed S$119.2 million. The company plans to remain disciplined in its capital allocation.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
