Ho Bee’s earnings tumble 23% to $242.2m in FY15

Fair value gains were disappointing.

Slammed with reduced gains and impairment losses, Ho Bee saw its FY15 profits fall 23% YoY to $242.2m. For the quarter, net profit stood at $193.7m.

According to the company’s media release, Ho Bee saw a lower gain in fair value of investment properties which reached $186.4m, compared to to $281.7m in 2014. In addition, Ho Bee faced a $34.7m impairment loss for the group’s 35% stake in Cape Royale, Sentosa.

Meanwhile, group turnover for the year surged 30% YoY to $129.9m, thanks to stronger recurring income from its portfolio of commercial properties in Singapore and London. During the year, the group bagged three additional London properties. As a result, net gearing picked up to 0.55x.

Earnings per share for FY15 stood at 36.3 cents, while total shareholders’ fund as at 31 December 2015 rose to $2.82b, reflecting a net asset value of $4.23 per share.

Moving forward, Ho Bee reports it is bracing for a challenging 2016. However, with The Metropolis at 100% occupancy and the rental income from the six London properties, Ho Bee expects to see a substantial recurring income to face headwinds. Moreover, in FY16, the company expects a profit contribution from the completion of development projects in Australia and China.

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