Hatten Land posts narrower loss in H1 FY22

Kelly Ng

Published Sun, Feb 13, 2022 · 01:38 PM

MALAYSIAN property developer Hatten Land PH0 narrowed losses to RM30.7 million (S$9.88 million) for the half year ended Dec 31, 2021, from a net loss of RM42.4 million from a year ago.

While revenue for the second quarter fell 67 per cent from RM9.7 million to RM3.2 million because of lower sales amid the pandemic, other income for the quarter went up by RM12 million, due mainly to higher overdue interest and forfeiture income charged to purchasers, management fees charged to third-party property management office and share of profit from a rental sharing scheme, the group said in a bourse filing on Sunday (Feb 13).

For the quarter ended Dec 31, 2021, net loss was reduced to RM15.3 million, from RM27.1 million in the year-ago period.

The group's loss per share for H1 2022 stood at 1.86 sen. For Q2 FY22, this translates to 0.92 sen.

Hatten Land, which has made public its ambitions to plant a flag in the metaverse, said in the financial update that it has commenced crypto mining operations in January 2022 and is on track to meet its aim of having 2,500 crypto mining rigs installed and operated within its properties this year.

The crypto mining activities are expected to contribute positively to the net assets and financial performance of the group for the financial year ending Jun 30, 2022, it said.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

This comes after the group said in December that it encountered a delay in the delivery of rigs due to supply chain disruptions and the hold-up in deployment of technical personnel from Singapore to Melaka as a result of the tightening of Covid-19 control measures.

Hatten Land had previously announced that its wholly-owned subsidiary had inked a memorandum of understanding with mainboard-listed SMI Vantage to jointly explore business opportunities in crypto mining.

Hatten Land's subsidiary Hatten Technology had also signed an agreement with Prakal, also known as EnjinStarter, to develop a token system that helps promote a digital economy in Melaka.

In terms of real estate, the group said that it has "substantial value" of unsold completed properties, with the estimated market value of its development properties, as at Jun 30, 2021, standing at about RM1.15 billion.

"We are cautiously optimistic of the sustained recovery of our business activities in the endemic phase as the group's properties are located within the prime and strategic locations in Melaka, and this has helped preserve the value of the group's property assets," it said.

The group said its hospitality properties should benefit from more domestic tourism activities as interstate travel has been allowed by the Malaysian authorities.

Its new business initiatives centered on blockchain technology and the digital economy is also expected to add new revenue streams, it said.

Shares of Hatten Land ended Friday down 4 per cent or S$0.002 at S$0.048.

Reuse this content Feedback