Hatten Land swings back to black with Q4 net profit

CATALIST-LISTED developer Hatten Land swung into the black for the fourth quarter ended June 30 with a net profit of RM26.45 million (S$8.22 million), versus a loss of RM90.81 million a year ago.

The bottom line was strengthened by higher revenue, lower operating expenses, a reversal of provision for income tax and lower non-recurring items of impairment losses and write-downs during the financial period.

Revenue for the period came to RM49.81 million, versus negative revenue of RM61.34 million a year ago. The increase in revenue was due to higher sales from completed projects now that movement restrictions have been lifted. The corresponding quarter in Q4 FY21 also saw a provision of about RM65 million for liquidated damages arising from late delivery and handover of property units.