Ho Bee Q1 profit trebles

HO Bee Land posted a trebling in net earnings for the first quarter to S$56.3 million from S$18.5 million in the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening.

For the three months ended March 31, 2017, revenue increased 13.9 per cent to S$42.4 million from the preceding year. The increase was on the back of sales recognition from two residential development projects in Melbourne and Gold Coast, Australia.

The group also divested Rose Court, a commercial property in London, in February this year, which resulted in a gain on disposal of S$7.4 million.

Earnings per share surged to 8.46 Singapore cents from 2.77 Singapore cents in the previous year. Net asset value per share rose to S$4.45 at March 31, 2017 from S$4.39 as at Dec 31, 2016.

Ho Bee shares closed unchanged at S$2.31 on Tuesday.