Hatten Land Q3 net loss widens to RM37.2 million

CATALIST-LISTED property developer Hatten Land's net loss widened to RM37.2 million (S$12 million) for the three months to March 31, from RM32.3 million in the previous year.

Revenue rose to RM14.7 million from RM7.2 million in the same period last year due to higher sales for completed projects.

Loss per share was 2.40 sen for the quarter, compared with 2.30 sen before, while net asset value shrank to 7.33 sen, from 11.15 as at June 30, 2020.

For the nine months, the net loss was RM77.9 million, against RM29.5 million previously. Turnover was down by 80.1 per cent year on year to RM28.3 million.

Despite the vaccination programme and the implementation of the movement control order, the Malaysian economy and property market continue to be negatively impacted, said Hatten Land in its financial statement.

The group therefore expects its financial performance to "remain challenged and lacklustre" for 2021 amid weak consumer sentiments .

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It will, however, focus on monetising its property inventories, cost containment measures and more stringent cashflow management to ensure its long-term sustainability against the challenging operating environment and for better operational efficiency, said the group.

Shares of Hatten Land was down 0.1 cent or 3.5 per cent to 2.8 cents.