Ho Bee Land has reported earnings of $105.5 million for 1HFY2021 ended June 30, up 16.5% y-o-y, thanks to higher rental income and development profits.
Revenue in the same period was up 46.1% y-o-y to $159 million.
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Despite the on-going pandemic, Ho Bee Land was able to achieve rental reversions of 6% over the same period last year.
The company enjoyed higher contributions from its development projects as well, such as its Tangshan project in China.
Chua Thian Poh, chairman and CEO, says that Ho Bee has started selling its apartments in Sentosa Cove, as it rides on the buoyant residential market in Singapore. It wasn't specified how many units were sold and at what price.
“With the new waves of infections caused by the Covid-19 variants, the business environment is still very hazy and challenging,” he warns.
“However, with the international vaccination programme gaining pace, we are hopeful that the global economic outlook will improve,” he adds.
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Ho Bee Land shares closed Aug 12 at $2.85, unchanged for the day and up 18.75% year to date.