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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Universal Music Group reaches new licensing agreement with TikTok
Sumitomo to bolster shareholder returns in new mid-term plan
US Fed ‘less hawkish’ than expected; Singapore banks, net cash companies likely to outperform
ST Engineering bags more than S$175 million in contracts to upgrade Singapore’s public bus fleet
ING unveils 2.5 billion euros buyback as profit beats estimates
Prosper Cap halts operations at UK hotel after fire breaks out