SINGAPORE - Ho Bee Land said its first quarter net profit more than trebled to S$56.3 million from S$18.5 million over the same period last year. This translates to an earnings of 8.5 cents per share.

Group revenue for the three months to March 31 rose 14 per cent to S$42.4 million, due to sales recognition from two residential development projects in Melbourne and Gold Coast, Australia.

The group divested Rose Court, one of its commercial properties in London, in February 2017 at £94.5 million.

The gain on disposal of S$7.4 million was based on the fair valuation of £90 million whereas the original purchase price for this property in 2013 was £67.2 million.

Share of profits from associates rose 252 per cent to S$32.7 million, mainly from a joint venture residential project in Shanghai.

Total shareholders' fund as at end March was S$2.96 billion, representing a net asset value of S$4.45 per share. Net gearing decreased from 0.44 time to 0.37 time.

Earnings per share swelled to 8.46 cents from 2.77 cents previously.

Group chairman and chief executive Chua Thian Poh said while the group continues to face unprecedented political and economic uncertainties, the sustainable recurring income from its portfolio of investment properties in Singapore and Britain will enable the group to remain profitable for the rest of the year.

"In addition, we also expect development profits from our residential projects in China and Australia," he said.

Ho Bee shares today closed unchanged at S$2.31.