Ho Bee Land posts a 32% rise in 3Q earnings to S$27 mil on sales from Australia

SINGAPORE (Nov 10): Ho Bee Land reported a 31.8% increase in 3QFY16 earnings to S$26.7 million (RM81.48 million) from a year ago.

The stronger bottomline was driven by a 44.4% increase in revenue to S$47 million due mainly to sales recognition of two residential projects in Melbourne and Gold Coast, Australia.

Share of profits from associates swung back to profitability at S$4.6 million compared to a loss of S$900,000  year ago, mainly from joint venture projects in Zhuhai and Shanghai, China.

“In the midst of this challenging environment, our strong recurring income base will enable us to weather this difficult period,” says Chua Thian Poh, chairman and chief executive officer, Ho Bee Land.

Shares of Ho Bee Land closed up 2 cents at S$2.11 on Thursday. — theedgemarkets.com.sg