Rental income boosts Ho Bee Land's Q1 earnings

SINGAPORE - Developer Ho Bee Land posted a 181.6 per cent jump in first quarter net profit to $11.6 million.

Revenue for the three months to March 31 was up 80.7 per cent at $31.6 million.

This was mainly attributed to the increase in rental income of office buildings, The Metropolis in Singapore and 1 St Martin's Le Grand in London.

Earnings per share firmed to 1.7 cents from 0.6 cent previously while net asset value per share climbed to $3.93 compared to $3.90 as at Dec 31.

Looking ahead, Ho Bee chairman and chief executive Chua Thian Poh noted that the residential market in Singapore continues to be challenging.

"However, earnings for the next few quarters will continue to be underpinned by the strong rental income from the office buildings, The Metropolis in Singapore, Rose Court, 1 St Martin's Le Grand and 60 St Martin's Lane in London".