Ho Bee Land's net profit up 115% on increased profits from associates

Singapore

MAINBOARD-LISTED developer Ho Bee Land's net profit for the half-year ended June 30 was up 115.4 per cent at S$90.6 million on the back of increased profits from associates and jointly-controlled entities.

The share of profits from associates was S$31.3 million, compared with a loss of S$407,000 a year ago. The group recorded share of profits from the Shanghai and Zhuhai associates due to units that were sold prior to the pandemic.