REAL estate management services group LHN Group : 41O 0% posted a net profit of S$13 million for the half-year ended Mar 31, 2024, down 23.4 per cent from S$16.9 million the year before.
This includes the results of a non-wholly owned subsidiary, LHN Logistics, which LHN Group had disposed of in August last year. If the results were excluded, LHN’s H1 2024 net profit would have been S$13 million, down 14.6 per cent from $15.2 million.
The group’s revenue increased 27.2 per cent to S$54.5 million from S$42.9 million in H1 2023. This was due to the increase in revenue from the Space Optimisation Business and the Facilities Management Business.
The company classified the leasing of its industrial, residential and commercial properties under space optimisation, while its facilities management (FM) business covers FM services and car parking management.
In its bourse filing on Monday (May 13), the company said its revenue generated from Facilities Management Business had increased 13.6 per cent or S$2.1 million to S$17.2 million in H1 2024, largely due to increase in FM services and revenue from car park business secured in Singapore in Q4 FY2023.
For its Space Optimisation Business, revenue from residential properties jumped 88.6 per cent to S$20.6 million in H1 2024 from S$10.9 million in H1 2023. LHN said the increase was due to its co-living business under Coliwoo in Singapore and overseas properties.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Earnings per share was 3.17 Singapore cents, down from 4.14 cents the year before. LHN has proposed an interim dividend of S$0.01 per share for H1 2024, which is the same amount declared in the year ago period.
In its business outlook, LHN said it has forecasted its co-living business to drive the group’s residential segment forward, supported by a pipeline of new projects, recent tender win and acquisition plan.
Shares of LHN closed flat at S$0.32 on Monday before the announcement.
