LHN's net profit soars 64.6% YoY to $47.5m in FY22
The improvement in profitability of LHN’s space optimisation business drove the increase.
Real estate management services group LHN Limited posted a net profit of $47.5m for FY22, translating to a 64.6% jump from the last year.
This is despite a 7.6% YoY decrease in LHN’s revenue and an 11.3% YoY drop in its gross profit.
LHN attributed the rise in its net profit to the significant improvement in profitability of its space optimisation business for commercial properties and residential co-living properties.
In FY22, its space optimisation business recorded a 10.9% YoY higher revenue of $42.6m.
LHN also renewed a total of nine master leases, comprising three leases each under the industrial, commercial, and residential, under its space optimisation business.
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