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LHN Limited achieves a 70.7% jump in net profit after tax of S$2.3 million in 3Q2019
Revenue from the Group's Residential Properties under the Space Optimisation Business in 3Q2019 increased by approximately S$0.8 million over the same period in 2018

BriefingWire.com, 8/14/2019 - - Revenue from the Group's Residential Properties under the Space Optimisation Business in 3Q2019 increased by approximately S$0.8 million over the same period in 2018 due to the co-live business at 31 Boon Lay Drive in Singapore which started to generate revenue from 2Q2019.

- On 29 July 2019, the Group announced its grand opening and ribbon cutting of the 13-storey property at 137 Upper Pansodan Road, Yangon.

Real estate management services group LHN Limited ("LHN", and together with its subsidiaries, the "Group") reported revenue of approximately S$27.8 million in the three months ended 30 June 2019 ("3Q2019"), representing an increase of 5.6% from approximately S$26.3 million in 3Q2018. Such increase was mainly attributable to the increase in revenue from the (i) commencement of operations of a new premise under the co-live business under the Residential Properties; (ii) management of new carparks under the Facilities Management Business; and (iii) Logistics Services Business.

The Group achieved a net profit after tax of approximately S$2.3 million in 3Q2019, compared with net profit after tax of approximately S$1.3 million in 3Q2018. The increase in net profit after tax of 70.7% over the same period in 2018 was mainly attributable to the gain on disposal of our security business, which was partially offset by the increase in administrative expenses.

Space Optimisation Business revenue increased by approximately S$0.6 million or 3.9% from approximately S$15.6 million in 3Q2018 to approximately S$16.2 million in 3Q2019, mainly attributed to (i) the co-live business at 31 Boon Lay Drive in Singapore which started to generate revenue from the second quarter of our financial year ended 30 September 2019 ("2Q2019"); and (ii) increase in rental income from the Commercial Properties as a result of higher occupancy rates. These were partially offset by the decrease in revenue from the Industrial Properties due to (i) movement of tenants due to expiry of subleases; and (ii) renewal of sub-leases at lower rental rates.

Revenue derived from our Facilities Management Business increased by approximately S$0.5 million or 11.5% from approximately S$4.5 million in 3Q2018 to approximately S$5.0 million in 3Q2019 mainly due to increase in revenue from management of new carparks in Singapore. This was partially offset by the decrease in revenue from the security services business as a result of the completion of the disposal of the business as disclosed in the announcement dated 31 May 2019.

Revenue derived from our Logistics Services Business increased by approximately S$0.3 million or 5.7% from approximately S$6.2 million in 3Q2018 to approximately S$6.5 million in 3Q2019 mainly due to an increase in transportation services provided from the trucking business and increase in demand for storage and repairs of leasing containers in Thailand.

Business Outlook

Based on advance estimates as announced in the press release dated 12 July 2019 issued by the Ministry of Trade and Industry Singapore[1], the Singapore economy grew by 0.1% on a year-on-year basis in the second quarter of 2019, slower than the 1.1% growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy shrank by 3.4%, after posting growth of 3.8% in the preceding quarter.

Continues on http://www.acnnewswire.com/press-release/english/53633/

 
 
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