Hatten Land narrows Q1 loss to RM16 million

CATALIST-LISTED Hatten Land posted a net loss of RM16 million (S$5.2 million) for its first quarter ended Sep 30, narrowing from RM16.6 million in the year-ago period. This translates to a loss per share of 1 sen.

Revenue was down 58.9 per cent to RM1.7 million from RM4.1 million a year ago. This was mainly due to decreased property viewings which led to lower sales, the company said.

Cost of sales dropped 80.4 per cent to RM1.5 million from RM3.5 million last year, in tandem with the lower sales. Meanwhile, gross profit reached RM183,000 after a RM3.5 million gross loss in the same period last year.

Other income gains also fell 83.2 per cent to RM1.6 million, due to lower overdue interest charged to buyers in the period.

The 3 months also saw a net cash and cash equivalents inflow of RM4.8 million, with that of the period ending at RM13.1 million.

Meanwhile, the group's current liabilities exceeded its current assets by RM140.1 million. Its total loans and borrowings amounted to RM396.4 million, of which RM293.8 million were classified as current liabilities and exceeded the company's cash and bank balances of RM13.1 million.

"No dividend has been declared for 1Q FY2022 as the group is in a loss position during the financial period," the Malaysian property developer said.

Shares of Hatten Land closed flat at 6.2 Singapore cents on Friday (Nov 12).