LHN net profit drops 14.6% in H124

Gross profit rose 36.0% to $34.6m.

LHN reports a net profit of $13.0m in 1H24, down 14.6% YoY from $15.2m in H123 due to the absence of one-time gain realised in H123.

Revenue for the period rose 27.2% to $54.5m, whilst gross profit increased 36% to $34.8m.

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The increase was due to a significant rise in revenue from the co-living segment within its Space Optimization Business and Facilities Management Business, which grew revenues by 34.1% YoY to $35.9m and by 3.6% YoY to $17.2m, respectively.

The outlook for 2024 remains positive, with the company’s co-living properties forecasted to drive its residential segment forward supported by a pipeline of new projects, a recent tender win, and an acquisition plan.