Ho Bee Land has reported earnings of $49.8 million for the 1HFY2025 ended June 30, a surge from the $8.8 million reported in the same period a year ago.
The group’s revenue however declined by 23% y-o-y to $177.7 million for the period mainly due to fewer settlements from development projects in Australia and a re-classification of Elementum as a joint venture.
The group says that the increase in net profit was mainly supported by strong recurring rental income, a higher share of profits from joint ventures, and lower interest expense.
Ho Bee Land’s commercial portfolio in Singapore and London had an overall occupancy of more than 95%. Its London portfolio recorded a fair value gain of $6.1 million in 1HFY2025.
Earnings per share increased to 7.50 cents in 1HFY2025, while net gearing remained stable at 0.63x.
Shares in Ho Bee Land closed 2 cents higher or 0.971% up at $2.08 on Aug 14.
