This comes despite a 25% y-o-y increase in revenue to $435.6 million from $347.7 million a year ago, mainly bolstered by sales from the group's development projects in Australia and rental income from The Scalpel in London.

During the period, the group recorded a fair value loss on investment properties of $98.7 million, compared to a fair value gain of $53.1 million a year ago. This loss is the result of a fair value loss of $201.9 million on its London portfolio which was mitigated by a gain of $103.2 million on its Singapore portfolio.

Consequently, the group’s profit from operations fell 34% y-o-y to $187.2 million. Excluding fair value changes on investment properties in both years, the group’s profit from operations would have increased 25% y-o-y to $286.0 million in FY2022 from $228.7 million in FY2021.

The group’s share of profits from its associates and jointly controlled entities decreased to $78.7 million from $115.5 million in FY2021. This was attributable to fewer units handed over in the Zhuhai and Tangshan projects in China.

As at end-December, the group’s cash and cash equivalents stood at $327.4 million.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/vicplas-reports-521-lower-profit-after-tax-42-mil-fy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Vicplas reports 52.1% lower profit after tax of $4.2 mil for FY2023</a>

Ho Be Land’s board has recommended a first and final dividend of 8 cents per share.

Nicholas Chua, CEO of Ho Bee Land says: “We are pleased that the group’s development projects in Australia have started to contribute to the Group’s profits. With more than 4,700 land lots in our land bank, we have a good development pipeline for the next few years.”

On the group’s operations in Singapore, Chua says: “We are also encouraged by the strong sales performance of Cape Royale. Together with Turquoise and Seascape, our Sentosa Cove projects achieved close to $400 million in sales during the year.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/capital/results/isdn-posts-113-lower-revenue-438-lower-net-profit-1hfy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>ISDN posts 11.3% lower revenue, 43.8% lower net profit for 1HFY2023</a>

Construction on our new biomedical facility, Elementum, in one-north, is going full speed ahead. We are happy to announce that the development is more than 70% pre-committed to key tenants ahead of its expected completion in 4Q of 2023. This project is expected to contribute strongly to the group’s revenue in FY2024.”

Shares in Ho Bee Land closed at $2.38 on Feb 27.

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