SINGAPORE (July 31): HLH Group announced earnings for the 1H17 ended June surged to $5.5 million from $1.1 million a year ago.
Revenue for 1H17 rose 90% increased to $7.24 million from $3.82 million in 1H16 due to revenue recognition in the D'Seaview mixed development.
The D'Seaview mixed development in Sihanoukville, Cambodia, is HLH's first overseas mixed development project. As at end June, the development has achieved 20% construction progress and is expected to be completed on schedule in end 2018.
Other income increased to $5.3 million in 1H17 from $4.2 million in 1H17 mainly due to the gain on recognition of deferred tax asset and reversal of deferred tax liability.
Finance costs fell to $0.055 million in 1H17 as compared to $0.4 million in 1H16 due to repayment of loans.
Meanwhile, HLH’s net assets increased to $131 million from $93.9 million due to higher net profit offset by net foreign exchange difference arising on consolidation of $4 million for 1H17.
Cash and cash equivalent stood at $1.3 million at end June.
Shares in HLH closed at 0.8 cent on Monday.
