Ho Bee Land records 60% jump in Q1 net profit

SINGAPORE - First quarter earnings at property group Ho Bee Land surged on the back of contributions from its overseas investments.

The firm posted a 59.8 per cent jump in its net profit for the three months to March 31 at S$18.5 million.

In a stock exchange filing on Thursday, Ho Bee Land revenue for the quarter rose 20 per cent to S$37.2 million, owing to additional contributions from its three new acquisitions in London in the second half of 2015.

It said the share of profits from associates during the quarter amounted to S$9.3 million, mainly from the joint venture project in Shanghai.

Ho Bee Land has property investments and developments in Australia, China and the United Kingdom.

Net asset value per share was S$4.19 as at March 31, down from S$4.23 in end-March 2015; while earnings per share came in at 2.77 cents, up from 1.7 cents a year ago.

Mr Chua Thian Poh, chairman and chief executive of Ho Bee Land, said: "Over the last few years, the group has built up a sustainable earnings base in Singapore and UK. Coupled with the recognition of development profits from our residential projects in Australia and Shanghai, the Group's earnings are expected to remain positive for the year."

No dividend was recommended for the first quarter.