LHN Limited’s net profit drops 16.6% YoY to $38.2m in FY23
Despite lower profit, the company proposed a 71.4% YoY higher dividend per share.
LHN Limited reported a net profit attributable to equity holders of the company of $38.2m in FY23, a 16.6% drop from FY22.
In a bourse filing, the company attributed the decline to net fair value losses of $8.7m associated with its investment properties and the investment properties of its joint ventures in FY2023, compared to fair value gains of $24.8m in FY2022.
Despite the lower profit attributable to equity holders of the company, LHN Limited has proposed to pay out a special dividend and final dividend of 1.0 Singapore cent each per share, subject to approval by shareholders at the forthcoming annual general meeting, given the realised gains and cash generated from the group’s divestments.
READ MORE: LHN Limited warns of lower profits for FY23
Amongst divestments LHN Limited carried out in FY23 include its 20% interest in associate in car-sharing platform GetGo Technologies for $7.9m, 50% interest in a joint venture in Amber 4042 Hotel for $23.3m, and 84.05% controlling interests in LHN Logistics Limited for $31.9m.
Including the previously declared interim dividend of 1.0 Singapore cent per share, the total dividend per share (DPS) for FY2023 amounts to 3.0 Singapore cents per share, or 71.4% YoY higher than FY22.