LHN expects at least S$34m in H1 2022 net profit before tax

REAL estate management services provider LHN expects to record a higher net profit before tax of "no less than approximately S$34 million" for H1 2022, compared with approximately S$18.3 million from the year-ago period, the group said on Wednesday (May 4) in a preliminary update of the group's unaudited financial results.

The higher net profit before tax for the 6 months ended Mar 31 arose mainly from its space optimisation business, the group said. This was due to:

• Gains from subleases, which were derived based on differences between the right-of-use asset derecognised and the net investment in sublease;
• Higher fair-value gains on the group’s investment properties and joint ventures’ investment properties; and
• An increase in profit from the group’s co-living business under residential properties.

LHN shares closed flat at S$0.32 on Wednesday before the announcement.