Ho Bee Land has reported earnings of $8.8 million for the 1HFY2024 ended June 30, reversing from a loss of $155.7 million in the 1HFY2023
Revenue for the period surged by 48% y-o-y to $230.0 million as the group’s development property sales more than tripled to $94.7 million from $29.9 million.
According to the group, this was due to higher sales from its Sentosa Cove properties and properties in Australia. The group’s total rental income was up by 8% y-o-y to $135.3 million mainly due to additional contributions from Elementum. Earlier today, the group announced the divestment of a 49% stake in the property for $134 million.
As at June 30, the group’s valuation for its Singapore properties remained unchanged while the valuation of its London properties stood at a fair value loss of $11.2 million, up from a fair value loss of $208.3 million in the same period the year before.
“We are pleased to report a profitable first half of 2024. While market conditions remain challenging, we are well-positioned to navigate these headwinds with our diversified investment and development portfolio. In addition, we look to continue our proactive asset management and capital recycling strategies," says Ho Bee Land's CEO Nicholas Chua.
Shares in Ho Bee Land H13 closed 4 cents higher or 2.24% up at $1.83 on Aug 12.
