SingLand’s net profit sinks 38% in H1 2024

The decline was due to a significant drop in fair value gain on subsidiaries’ investment properties.

Singapore Land (SingLand) reported a 38% net profit decline to $103.7m in H1 2024 from $168.4m a year ago.

The decline was due to a significant drop in fair value gain on subsidiaries’ investment properties amounting to $5.3m, down from $93.5m in H1 2023.

Excluding the fair value and other gains or losses, net profit increased 11% YoY to $97.6m from $9.5m a year ago.

Revenue rose 5% to $341.9m from $325.9m in H1 2023, driven by a $21.8m (18%) increase in hotel operations, with Pan Pacific Hotel fully operational this year after being closed for renovations in the previous period.

Meanwhile, revenue for the property investment segment rose 10% to $12.1m, driven by higher average rental and occupancy rates, particularly at Singapore Land Tower.

This increase was partially offset by a 60% drop in property sales revenue to $15.6m, due to fewer units sold for the V on Shenton project.

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