Ho Bee Land has reported earnings of $46.5 million for the 2HFY2020, down 84% y-o-y, as it booked fair value losses of $32.8 million on investment properties for the six months ended Dec 2020. In contrast, it booked a fair value gain of $243.7 million in the year-earlier period.

Revenue for 2HFY2020 was $108.3 million, up slightly from $107.4 million recorded in 2HFY2019.

For the whole of FY2020, Ho Bee Land’s earnings was $137.1 million, down 58.8% from $332.3 million in FY2019.

Ho Bee’s chairman and CEO Chua Thian Poh calls FY2020 an "exceptionally challenging year" for many businesses. 

SEE:Ho Bee CEO Chua and Riverstone CEO Wong raise stakes in respective companies

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"We are able to ride through the storm as a result of our resilient income base from our prime office assets in Singapore and London," he says, referring to its portfolio of commercial properties.

"This strong foundation has enabled us to continue driving growth both in and outside of Singapore," he adds.

The company plans to pay a final dividend of 8 cents and a special dividend of 2 cents. For FY2019, the company paid 10 cents in total as well.

As at Dec 31 2020, the company’s net asset value was $5.46, versus $5.32 as at Dec 31 2019.

Ho Bee Land shares closed Feb 26 at $2.37, up 0.42%.