Heeton's Q1 profit falls 56% to S$2.6m

Singapore

HEETON Holdings' first-quarter net profit fell 55.9 per cent to S$2.56 million in the absence of recognised profit from completed projects.

On a per-share basis, the property developer recorded profit of 0.79 Singapore cent for the three months ended March 31.

Revenue increased 12.4 per cent to S$15.49 million as Heeton recognised S$9.78 million of sales proceeds from the Onze@Tanjong Pagar residential project, w…