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Ho Bee reports higher 1HFY2022 earnings as rental income from The Scalpel kicks in

The Edge Singapore
The Edge Singapore8/11/2022 05:50 PM GMT+08  • 2 min read
Ho Bee reports higher 1HFY2022 earnings as rental income from The Scalpel kicks in
Ho Bee's Cape Royale project at Sentosa Cove / Photo: Ho Bee
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Ho Bee Land has reported a 42% y-o-y jump in its 1HFY2022 earnings. Revenue in the same period was up 13.3% y-o-y to $178.3 million.

For the six months to June 30, earnings increased to $149.9 million, which includes a $16 million net fair value gain on its investment properties, as well as a $32.8 million realized gain on financial investments.

That aside, the company enjoyed better operational performance too. Rental income, for example, was up 12.9% y-o-y to $128.6 million, thanks mainly to contribution from The Scalpel, a London office bought by Ho Bee in February this year for $1.3 billion.

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