Co-living specialist LHN posts record full-year profit of $47.3m

Singapore-listed LHN unveiled record earnings for the year ended September, thanks to strong contributions from its core businesses and fair-value gains.

- Ven Sreenivasan

In a filing late on Nov 25, the Coliwoo co-living operator said net profit rose 23.8 per cent to $47.3 million, on the back of a 29.2 per cent rise in revenue to $121 million.

Fair-value gains from investment properties accounted for $14.7 million of its bottom line, a reversal from a fair-value loss of $8.7 million in the previous financial year.

The company declared a dividend of two cents per share, comprising a final dividend of one cent and a special dividend of one cent. This brings its total dividend payout for the year to three cents, after taking in the interim payout of one cent.

Boosting the numbers were its co-living properties, which saw revenue growth of 82.9 per cent during the year to $53.6 million, from $29.3 million a year earlier.

Its space optimisation business continued to be the primary revenue driver, growing 37.7 per cent to $83.2 million.

LHN said that it now owns and manages a total of 2,895 co-living spaces, mostly in Singapore, with overall occupancy of its local properties at 97.5 per cent.