Ho Bee Land down 6.4% on lower H2 profit
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[SINGAPORE] Shares of Ho Bee Land fell on Wednesday (Feb 25) after the real estate developer posted a decline in earnings for its second half ended Dec 31.
The stock fell as much as 6.4 per cent or S$0.16 to S$2.34 as at market open at 9.01 am, with some 53,800 shares changing hands.
By 9.24 am, the counter recovered slightly to S$2.36 but was still down by 5.6 per cent or S$0.14, with 277,800 shares transacted.
The property group on Tuesday posted a 50 per cent fall in net profit for its second half, to S$50.4 million from S$100.7 million in the year-ago period. Its revenue decreased 12 per cent to S$262.3 million from S$298 million previously.
The declines followed the deconsolidation of biomedical and life sciences hub Elementum, alongside lower contributions from rental income and settlements of the group’s development properties.
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