Heeton first quarter profit from continuing operations up 44% to $2.85mn

The higher recognition of sales from Juluca and The Lumos contributes to profit growth as the developer plans to engage in asset enhancement activities to increase value.

Niche property developer Heeton Holdings (“Heeton”) has recorded a 29.5% increase in revenue to $9.9 million for the first quarter ended 31 March 2011 (1Q2011), on the back of higher revenue recognition from its residential projects.

Net profit for the quarter stands at $2.85 million, which is lower than the $6.71 million recorded in the previous corresponding period (1Q2010). However, net profit in 1Q2010 had included the $4.73 million gain on disposal of wet markets. Comparing year-on-year, net profit from continuing operations of the Group surged 43.8%. This translates into earnings per share of 1.27 cents, as compared to 0.89 cents a year ago.

Mr Danny Low, COO of Heeton Holdings, said, “We are pleased to kick off the new financial year with a good set of results. The strong growth in our net profit from continuing operations was made possible by the higher recognition of sales from the Group’s residential developments, Juluca and The Lumos.”

The Group ended the quarter with net asset value per share standing at 94.24 cents, up from 93.08 cents as at 31 December 2010. Cash and cash equivalents also rose to $12.51 million from $8.97 million as at 31 December 2010.

In March 2011, the Group, together with its joint-venture partners, acquired the site currently occupied by MacPherson Green, for $105.00 million. In the same month, Heeton added Camay Court into its property portfolio for $30.50 million, also via a joint venture. The acquisitions of both sites are pending completion and will be used for the development of residential projects, according to a Heeton report.

The Group’s recently launched joint-venture project, The Boutiq, at Killiney Road, has sold more than 80% of the 52 units launched in phase one. The project is expected to commence construction in the first quarter of 2012 and contribute positively to the Group’s financials in FY2012.

Going forward, the Group will continue to monitor the market closely and seek an opportune time to launch its other development projects. It is also planning to engage in asset enhancement activities to increase the value and yield of its portfolio of investment properties.

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