SINGAPORE (Nov 7): Heeton Holdings has announced $27.2 million in earnings for 3Q17, turning around from its loss of $11.2 million in the same period a year ago on one-off gains recorded during the quarter.
Revenue fell 30.6% to $13 million from $18.8 million previously on lower rental income from investment properties, hotel operation income and management fees as well as proceeds from the sales of the group's residential projects.
A $28 million gain on disposal of a joint venture (JV) company due to the disposal of Buildhome, which owns residential project, The Lumos, was recorded over the quarter.
This helped to lift the group’s bottomline, in addition to the absence of a $12.9 million loss on disposal of subsidiaries registered in 3Q16 due to the disposal of subsidiaries that owned the residential project, iLive@Grange.
The group also also recorded higher other operating income of $2.4 million over the quarter compared to $0.1 million a year ago, mainly due to $1.82 million of abortive sales proceeds from Onze@Tanjong Pagar.
The latest quarter brings Heeton’s earnings for the nine months ended Sept to a total of $40.3 million, compared to a loss of $1.9 million in the same period a year ago.
Noting increased overall confidence in the local residential property market and healthy sales volumes in both the primary and secondary markets, Heeton says it has been proactively acquiring investment properties and will continue to explore more opportunities to expand its recurring income base.
“The results have been gratifying for Heeton. The group’s strategy of going international and investing in good quality properties have positioned us well for the future,” comments Heeton’s CEO, Eric Teng.
Shares in Heeton closed 0.85% lower at 58 cents on Tuesday.
