Ho Bee Land has reported a 42% y-o-y jump in its 1HFY2022 earnings. Revenue in the same period was up 13.3% y-o-y to $178.3 million.
For the six months to June 30, earnings increased to $149.9 million, which includes a $16 million net fair value gain on its investment properties, as well as a $32.8 million realized gain on financial investments.
That aside, the company enjoyed better operational performance too. Rental income, for example, was up 12.9% y-o-y to $128.6 million, thanks mainly to contribution from The Scalpel, a London office bought by Ho Bee in February this year for $1.3 billion.
“We are pleased to report a resilient set of first half results despite the global macroeconomic uncertainties and challenges brought about by the Russia-Ukraine war and the new wave of Covid-19 infections,” says CEO Nicholas Chua.
“Our enlarged portfolio of investment properties after the acquisition of The Scalpel continues to underpin our profit. In addition, we have also recorded encouraging sales from our Sentosa Cove projects.”
“The rising interest rates, inflation and volatility in foreign exchange rates could have an impact on the company’s financial performance. Nevertheless, barring any further external shocks, we expect to remain profitable for the year,” he adds.
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Ho Bee Land last traded at $2.81.
