Singapore Land Group achieved a net profit attributable to equity holders (“PATMI”) of $359.8 million for the first half of 2022. This is $267.6 million higher than the year-ago period with the increase largely attributable to the fair value gain on investment properties (net of non-controlling interests) amounting to $238.9 million, up from a $2.6 million gain in 1H 2021.
The Group also recorded a 15 per cent increase in revenue to $264.0 million mainly due to higher revenue from hotel operations with the recovery of Singapore’s hospitality sector.
Share of results of associates grew by $27.5 million largely due to higher profits from Park Eleven Shanghai project and recognition of development progress for Singapore residential projects, Avenue South Residence and Clavon.
With the pandemic situation stabilising in Singapore, as well as the easing of domestic and border restrictions, we anticipate sustained but measured recovery within our portfolio amidst a weaker external economic environment.
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