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Ho Bee Q3 profit up 83.7% to S$13.45m

Ho Bee recently acquired 60 St Martin's Lane in London.

HO Bee Land has posted net earnings of S$13.45 million for the third quarter ended Sept 30, 2014, up 83.7 per cent from the same period last year.

Group turnover climbed 64.8 per cent to S$26.82 million as a result of higher revenue from investment properties. This was primarily contributed by the rentals of three office buildings - The Metropolis in Singapore, and Rose Court and 1 St Martin's Le Grand in London.

Earnings per share increased to two Singapore cents for Q3 FY2014 from 1.1 Singapore cents in Q3 FY2013. Net asset value per share fell to S$3.44 as at Sept 30, 2014, from S$3.48 at Dec 31, 2013.

The counter closed at S$1.98 on Thursday, up 3.5 cents from the Wednesday closing.

Last month, the group bought another commercial building in London, 60 St Martin's Lane - in line with the group's strategy of boosting its portfolio of investment properties generating recurring income.