Ho Bee posts 51% jump in Q3 profit

BOLSTERED by strong recurring income, Ho Bee Land marked a 51 per cent jump in net profit for the third quarter ended Sept 30 to S$20.3 million.

Group revenue for the period rose 21 per cent from a year ago to S$32.5 million. This was mainly attributed to an increase in rental income from the office building, The Metropolis in Singapore, and rental recognition for the newly acquired office building, 39 Victoria Street in London.

Ho Bee group chairman and CEO Chua Thian Poh attributed the sterling performance to the group's strategic decision to grow the rental income stream over the last five years. "The strong rental income will continue to underpin the group's earnings for the rest of the year," he added.

For the nine months ended Sept 30, the group racked up a 63.1 per cent surge in net profit to S$48.5 million, thanks to revenue (rental income) leaping by 33 per cent to S$94.2 million and other operating income jumping by five times to S$8.6 million.