Ho Bee Land expects net losses to widen for FY2023

REAL estate group Ho Bee Land expects its net losses for the full year ended Dec 31, 2023 to widen from its current net-loss position for the six months ended Jun 30, 2023, it said in a bourse filing on Thursday (Jan 11).

The group is attributing the projected increase in net losses mainly to fair-value loss based on indicative valuations of its portfolio of investment properties in London. It noted that its London portfolio’s fair-value loss is non-cash in nature, and arose mainly due to higher capitalisation rates.

Further details of the group’s financial performance will be disclosed when the company announces its unaudited FY2023 results on or before Feb 26.

Shares of Ho Bee Land closed flat at S$1.77 on Thursday, before the announcement.