Ho Bee Land's net profit up 115% on increased profits from associates

Singapore

MAINBOARD-LISTED developer Ho Bee Land's net profit for the half-year ended June 30 was up 115.4 per cent at S$90.6 million on the back of increased profits from associates and jointly-controlled entities.

The share of profits from associates was S$31.3 million, compared with a loss of S$407,000 a year ago. The group recorded share of profits from the Shanghai and Zhuhai associates due to units that were sold prior to the pandemic.

Share of profits from jointly controlled entities was S$3 million compared with a loss of S$2.3 million a year ago, mainly due to higher profits from the Seascape and Cape Royale developments in Sentosa …

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