Hatten Land warns of expected Q3 loss on ‘considerably lower’ revenue

HATTEN Land is expected to report a loss for the third quarter ending Jun 30, the Malaysian property developer said in a profit guidance issued late on Friday (May 12).

The Catalist-listed company said in a regulatory filing that it is expecting to report “considerably lower” year-on-year revenue for the third quarter. This is even as it continues to post narrower losses, and achieved positive operating cash flow for three consecutive quarters, including in Q3.

The expected lower revenue is mainly due to the group’s sales and marketing strategy revision in line with the progress of securing anchor tenants for its malls, which could potentially increase the value and attract more attention to its property assets, it said.

In the third quarter, the group has prioritised securing anchor tenants for its malls, including the previously-announced strategic collaboration with Quantum Healthcare Limited.

Details of the company’s financial performance will be disclosed when it releases its financial results.

Shares of Hatten Land closed S$0.001 or 5.6 per cent higher at S$0.019 on Friday, before the profit guidance was issued.