[SINGAPORE] LHN’s net profit for the first half ended March 31 rose 8.8 per cent to S$14.1 million from S$13 million in the year ago period.
The real estate management services group’s revenue increased 29.4 per cent to S$70.6 million in H1, from S$54.5 million the year before.
The increase was primarily attributed to revenue contribution from the property development business as well as an increase in revenue from the co-living business, LHN said on Thursday (May 15).
Kelvin Lim, executive chairman and group managing director of LHN, said: “The addition of (the) property development segment as a new revenue stream has significantly enhanced our financial resilience and growth potential amid the ongoing geopolitical uncertainties and a dynamic economic environment.
“Additionally, the ongoing growth and strong performance of our co-living business, Coliwoo, continue to provide a reliable and expanding revenue base.”
Earnings per share stood at S$0.0338, a 6.6 per cent increase from S$0.0317 a year ago.
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This year, LHN recorded its maiden revenue contribution from its property development business from the sale of certain strata-titled units at 55 Tuas South Avenue 1, a nine-storey industrial development property.
The group is also redeveloping property in Geylang into a strata-titled commercial building for retail and office use, with an estimated saleable area of over 28,000 sq ft. The project at Geylang will be LHN’s second property development project.
Revenue from the cleaning and related services and carpark management businesses rose 12.6 per cent to S$19.4 million in H1 2025 from S$17.2 million a year ago, LHN said.
“The profit improvement was mainly driven by new integrated facilities management contracts and car park management projects secured, coupled with the cessation of less efficient car park management projects in Hong Kong.”
Revenue from LHN’s energy business declined by 6.9 per cent to S$768,000 in H1.
On Thursday, LHN said that the group remains cautiously optimistic on the demand for both short-term and long-term rentals for 2025.
Private residential rents are projected to rise between 2 and 4 per cent in 2025 due to shrinking supply and improved economic conditions.
The Singapore Tourism Board is expecting international visitor arrivals to reach between 17 million and 18.5 million in 2025, an increase from 16.5 million in 2024, driven by new attractions such as Minion Land, Rainforest Wild Asia in Mandai, a robust meetings, incentives, conferences, and exhibitions (Mice) events calendar and improved air connectivity.
LHN said: “The growing number of tourists will contribute to healthy demand for short-term lodging.”
The group declared an interim dividend of S$0.01, unchanged from a year ago.
Shares of LHN closed 1 per cent or S$0.005 lower at S$0.495 on Thursday.
