Hatten Land's Q4 net profit up almost 200%
CATALIST-LISTED Hatten Land's net profit jumped almost 200 per cent to RM59.7 million (S$19 million) for its fourth quarter ended June 30, up from RM19.9 million a year ago, on the back of the local government's assistance scheme for the development costs incurred for Hatten City Phase 1.
Its revenue went up 24 per cent to RM130 million, mainly due to higher progressive sales recognised from the Hatten City Phase 2 and Harbour City projects, in accordance with the percentage of completion method.
Earnings per share was 4.35 sen, up from 1.68 sen a year ago. A dividend of 0.05 Singapore cent was declared.
For its full year results, its net profit fell 87.3 per cent to RM8.72 million, due mainly to one-off non-operating expenses of approximately RM82.2 million related to its reverse takeover. Its revenue for the full year went up 12.1 per cent to RM462.44 million.
As at June 30, 2017, the balance of unbilled revenue to be recognised over time from FY2018 was approximately RM662 million. This is based on the sales and purchase agreements that have been entered into with the purchasers of the sold units for the property development projects.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok suspends new app’s reward programme amid EU concerns
Hong Kong spot crypto ETFs to start trading next week
Cordlife substantial shareholder Nanjing Xinjiekou still mulling over offer to buy over remaining shares
Nvidia agrees to acquire Israeli AI software provider Run:ai
HSBC says growing Chinese wealth fuels client investments in US
Unilever's India quarterly profit disappoints