Ho Bee Land's net profit jumps 152%, revenues up over 460%

MAINBOARD-listed Ho Bee Land reported a 152 per cent jump in net income for the June quarter, boosted by the sales of its Australian residential projects.

The property group said that its net profit attributable to shareholders rose to S$42 million for the three months ended June 30, 2016, from S$16.7 million the year before.

It said that this was despite a foreign exchange loss of S$8 million as a result of a weakening Australian dollar and British pound.

The group was helped by a 464.1 per cent leap in revenue to S$172.8 million, from S$30.6 million the year before. This was thanks mainly to the sales recognition of two residential development projects in Melbourne and Gold Coast, Australia, which were recently completed.

Ho Bee Land's earnings per share increased to 6.31 cents from 2.5 cents.

Its shares last traded on Friday at S$2.22, up three cents.