Heeton's Q2 earnings nearly triple to S$10.6m

PROPERTY developer Heeton Holdings' net profit for the second quarter ended June 30 nearly tripled to S$10.56 million from S$3.56 million in the year-ago period, boosted by gains from fair-value adjustments of investment properties.

Revenue was about 35 per cent higher year on year at S$18.95 million while earnings per share rose to 3.25 Singapore cents from 1.09 Singapore cents a year ago.

The group recorded a S$7.8 million fair-value gain in H1 2017 from its investment properties Tampines Mart and Woodgrove.

For the six-month period, it recorded a 40 per cent increase in net profit to S$13.12 million. Revenue increased by 23.9 per cent to S$34.44 million in H1 2017, thanks to recognition of higher sales proceeds from residential project Onze@Tanjong Pagar.

"Going forward, the group will continue to explore more opportunities to increase its recurring income base," said Heeton.