Ho Bee Land's Q3 profit up almost 25%

PROPERTY developer Ho Bee Land's third-quarter net profit rose nearly 25 per cent year on year to S$67.75 million.

The bottom line was strengthened by higher share of profits of associates, thanks to development projects in Shanghai and Zhuhai. For the quarter under review, share of profits of associates spiked about 54 per cent to S$44.21 million.

Total revenue rose about 20 per cent to S$52.33 million on the back of higher rental income from Ropemaker Place, which was acquired in June this year. Earnings per share for the quarter came to 10.18 Singapore cents, up from 8.17 Singapore cents a year ago.

Chua Thian Poh, chairman and chief executive officer of the group, said that the cooling measures in Singapore and China have dampened demand for residential properties, while in the UK, there is heightened uncertainty surrounding Brexit. However, he added: "We remain confident in the long-term prospects of the London office property market. Overall, with our portfolio of investment properties and strong recurring income, we are able to cushion any adverse financial impact arising from these headwinds."