LHN's full-year net profit up nearly three times to S$24.1m

REAL estate management services group LHN's full-year net profit rose to S$24.1 million from S$8.2 million on the back of increases in gross profit and other income.

Revenue was up 20.8 per cent to S$134.2 million for the year ended Sept 30, 2020. The rise was mainly due to the increase in revenue from residential properties under the space optimisation business and facilities management business.

Cost of sales fell 15.7 per cent to S$70.6 million, which was attributed to a decrease in rental costs due to the adoption of IFRS 16 accounting standards.

Other income more than tripled to S$17.1 million after the adoption of IFRS 16, payouts from the job support scheme and rental rebates.

Earnings per share was six Singapore cents, compared with 2.03 Singapore cents a year ago.

The group has proposed a final dividend of one Singapore cent per ordinary share, compared with 0.5 Singapore cent a year ago.

Subject to shareholders' approval, the payout will be on Feb 22, 2021.

LHN said in a separate bourse filing that two of its wholly owned subsidiaries, LHN Parking and LHN Space Resources, have been successful in the joint tender as a consortium for the operation and management of 33 public carparks in the Central Zone of Singapore. (see amendment note)

The counter ended trading at 16.3 Singapore cents on Friday, down 0.3 Singapore cent or 1.81 per cent.

Amendment note: The article has been amended to accurately state the name of LHN's subsidiary, LHN Space Resources.

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