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Ho Bee Land posts stronger Q2 revenue on increase in rental income

Published on Aug 11, 2014 6:35 PM
 
Ho Bee Land’s The Metropolis in Buona Vista. Ho Bee Land's second-quarter turnover rose on the back of higher rental income, though earnings dipped owing to a one-off gain recorded last year. -- PHOTO: BUSINESS TIME FILE

SINGAPORE - Ho Bee Land's second-quarter turnover rose on the back of higher rental income, though earnings dipped owing to a one-off gain recorded last year.

The mainboard-listed property group's net profit for the three months ended June 30 came up to $12.2 million, 53.5 per cent lower than the corresponding period a year ago.

This was due to the absence of a $25.9 million gain on the disposal of Hotel Windsor, which bumped up net profit in the second quarter last year.

The company's turnover, boosted by higher revenue from investment properties, amounted to $26.8 million, up from $6.1 million in the same period last year.

 
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