Ho Bee Land’s net profit jumps 154.8% to $42.1m

Stellar overseas business performance offset forex losses.

Ho Bee Land may not be doing well in foreign exchange with $8.0 million losses due to weak Australian dollar and Sterling pound, but robust sales boosted company’s net profit 154.8% to $42.1 million in 2Q16 compared to $16.5 million a year ago.

The real estate company’s quarterly result underlined sales recognition of two recently completed residential development projects in Melbourne and Gold Coast in Australia as main drivers of group revenue that leapt 464% from $30.6 million last year to $172.8 million in 2Q16.

Share of profits from associates, meanwhile, rose to S$7.6 million as against a loss of S$0.7 million in the corresponding period last year, thanks to a joint venture project in Shanghai, Ho Bee Land said.

“Profit before tax and non-controlling interests increased 185% from the same period last year to $51.9 million. After accounting for income tax, profit attributable to owners of the Company rose 152% to S$42 million, translating to an earnings of 6.3 cents per share,” the group added.