Ho Bee Land posts a $259.8m net loss in FY23

Loss per share stood at $0.3913.

Ho Bee Land reported a net loss of $259.8m in FY23, reversing the net profit of $165.99m recorded in FY22.

Operating profit for FY23 also declined to $143.2m from $198m in FY22 due to rising interest rates, which thereby increased finance costs to $157.5m from $88m previously.

Meanwhile, the company’s revenue for FY23 increased to $444.9m from 435.6m in FY22, mainly due to the increased development sales in Australia and the stable rental income from its investment properties.

Ho Bee Land also generated a net positive operating cash flow of $380.5m during the year.

Loss per share for the period concluded at $0.3913 from $0.2498 earnings per share in FY22.

The total shareholders’ fund as of 31 December 2023 was $3.6b, translating to a net asset value of $5.42 per share.

In addition, net gearing remained flat at 0.80x in 2023 from 0.79x in FY22.