On Aug 26, Hong Fok Corporation : H30 -1.89% executive director and joint CEO Cheong Sim Eng acquired 35,000 shares, for a consideration of S$36,750 at S$1.05 cents per share. He maintains a 20.41 total interest in the property developer. His preceding acquisition of 43,000 shares at 98.0 cents per share was on Jun 10.

 

Cheong is principally involved in the group&rsquo s overall operations and management, with greater emphasis in Singapore and he has over 37 years of experience in the property development business.

 

On Aug 11, Hong Fok posted H1 2022 revenue of S$55.6 million, compared to S$42.8 million for H1 2021.

 

The increase in revenue was mainly attributed to increases in sales of the residential units of Concourse Skyline, net increase in rental income of its properties mainly from the hotel, YOTEL Singapore Orchard Road, with these increases partially offset by a fall in property management income.

 

The group noted that the performance of YOTEL experienced a recovery in H1 2022 due to the pent-up global demand for travel and maintained that if this demand stays and the economic outlook continues to improve, the occupancy rate and room rates of YOTEL should improve.

 

However, the group added that the increase in energy cost and higher agents&rsquo commission cost may dampen YOTEL&rsquo s net contribution.