[SINGAPORE] Ho Bee Land recorded a net profit of S$49.8 million in the first half of the year, a more than 400 per cent increase from S$8.8 million in the year-ago period.
The increase was mainly supported by strong recurring rental income, a higher share of profits from joint ventures, and lower interest expense.
The group’s rental income remained resilient, underpinned by its commercial portfolio in Singapore and London, with overall occupancy of more than 95 per cent, said Ho Bee Land in a bourse filing on Thursday (Aug 14).
Revenue for H1 fell 23 per cent to S$177.7 million from S$230 million the year before.
This was due to a decline in development property sales in Australia and a decrease in rental income after Elementum was reclassified as a joint venture asset following Ho Bee Land’s sale of a 49 per cent stake in the building in 2024.
Earnings per share in H1 FY2025 stood at S$0.075, increasing from S$0.0133 in H1 FY2024.
No dividend was declared for the period, unchanged from the previous year.
Ho Bee Land’s chief executive officer Nicholas Chua said: “We are pleased to report higher profits for the first half of 2025, against a backdrop of ongoing market, geopolitical, and macroeconomic uncertainties. Looking ahead, we remain focused on active asset management and prudent capital management, while exploring selective growth opportunities as conditions evolve.”
Shares of Ho Bee Land closed 1 per cent or S$0.02 up at S$2.08 on Thursday.
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