Ho Bee's Q1 profit up 59.8% at S$18.46m
Boost comes from higher rental income and Shanghai joint-venture project
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Singapore
HO Bee Land has posted a 59.8 per cent surge in first-quarter net profit to S$18.46 million, from S$11.56 million for the corresponding year-ago period.
Revenue climbed 19.3 per cent to S$37.69 million on the back of higher rental income. This was due largely to additional contributions from three new acquisitions of London office properties the group made in the second half of 2015 - 39 Victoria Street, 110 Park Street in Mayfair, and Apollo House and Lunar House, two adjacent office blocks in the Croydon area.
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