LHN warns profit decline of 47% for H1 2023

REAL estate management services provider LHN expects to see a lower net profit before tax for the first half of its financial year ended Mar 31, 2023, of at least approximately S$19 million.

This is a decline of over 47 per cent compared to the S$35.9 million in net profit before tax over the same period a year ago, said LHN in a bourse filing on Thursday (May 4), based on the preliminary assessment of its unaudited financial results for the first half of FY2023.

LHN said that the lower net profit before tax arose mainly from the space optimisation business, due to fair value loss on the group’s and joint ventures’ investment properties in H1 FY2023, compared to fair value gain over the same period a year ago.

However, the decrease in net profit before tax is expected to be partially offset by a one-off gain on the disposal of an associate, it added.

LHN’s share price rose 7.7 per cent or S$0.02 to close at S$0.28 on Thursday.