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HEETON Holdings' first-quarter net profit fell 56.8 per cent to S$2.52 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 by 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.
Share of profit from associated companies and joint ventures, however, fell 66.2 per cent to S$2.11 million from S$6.26 million as Heeton stopped recognising profit from the residential projects NEWest, KAP and KAP Residences, which were competed in the fourth quarter of 2016.