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Ho Bee Land’s 2Q earnings more than double to $42 mil

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Ho Bee Land’s 2Q earnings more than double to $42 mil

Jude Chan Published on Fri, Aug 12, 2016 / 5:53 PM GMT+8

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SINGAPORE (Aug 12): Ho Bee Land posts earnings of $42.0 million in 2Q16, an increase of 151.8% from $16.7 million in the corresponding quarter last year.

However, Ho Bee Land saw its earnings partially offset by a foreign exchange loss of $8 million as a result of the weakening of the Australia dollar and Sterling pound.

The increase in earnings was on the back of a more than fivefold increase in group revenue to $172.8 million in 2Q, compared to $30.6 million in the same period last year.