Ho Bee Land has guided that it will report an overall net loss for the FY2023 ended Dec 31, 2023, down from the earnings of $165.9 million reported for the FY2022.
The net loss position for the FY2023 is expected to be wider from the group’s net loss of $155.7 million during the 1HFY2023.
The higher net losses were attributed mainly to the fair value loss based on indicative valuations from the group’s investment properties in London. The fair value loss is non-cash in nature and came about due to higher capitalisation rates, says the group.
Ho Bee Land will release its results for the 2HFY2023 and FY2023 after trading hours on Feb 26.
Shares in Ho Bee Land H13 closed flat at $1.77 on Jan 11.
