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Ho Bee Land's Q1 profit rises 59.8% to S$18.46m

HO Bee Land has posted a 59.8 per cent rise in first-quarter net earnings to S$18.46 million compared to S$11.56 million in the same year-ago period.

Revenue climbed 19.3 per cent to S$37.69 million for the quarter ended March 31, 2016, on the back of higher rental income. This was due largely to additional contributions from the group's three new acquisitions in London in the second half of 2015.

Share of profits of associates amounted to S$9.3 million (mainly from the group's joint-venture project in Shanghai) - against a loss of S$1.3 million in Q1 FY2015.

Earnings per share climbed to 2.77 Singapore cents in Q1 FY2016 from 1.7 cents in Q1 FY2015. Net asset value per share stood at S$4.19 as at March 31, 2016, down from S$4.23 as at Dec 31, 2015.

The counter closed one Singapore cent lower at S$2.17 on Thursday. Ho Bee released its results after the close of trading.