Singapore Land’s PATMI down 53% in H1

The firm reported a $168.4m net profit in the first half (H1) of 2023.

As the hospitality sector continues to recover, Singapore Land’s net profit attributable to  equity holders of the company (PATMI) dropped to $168.4m in H1 2023 from $359.8m in H1 2022. 

In a financial statement, Singapore Land also reported a revenue of $325.9m for the half year that ended 30 June 2023. It was attributed to higher revenue from hotel operations by $47.3m (66%) as the Singapore hospitality sector.

Property trading also posted higher revenue by $10.5m (68%) as more units were sold for the V on Shenton and Mon Jervois residential projects.

The firm’s technology operations saw an increase in revenue by $9.9m (21%) due to higher software sales.

These earnings were offset by a decline in revenue from property investment by $5.3m (4%), mainly attributed to the closure of Clifford Centre for redevelopment since January 2023.