Heeton Holdings, the niche boutique property developer that focuses on developments catering to niche upscale markets with projects of unique and exclusive concepts, says it posted an increase of 127.3% in its profit after tax to $10.35 million in its 9 months ended 30 September 2009.
This came on the back of an increase in its turnover by 38.1% to $44.37 million, mainly brought about by the increase in revenue from property development with recognition of sales coming mainly from The Elements@Stevens and The Lumos.
Danny Low, Chief Operating Officer, says, “We are pleased to have surpassed our FY2008 net profit by 47.0% within just nine months in our current financial year. This achievement sets us in good profitability position for FY2009 despite the challenging economic environment.
“The recent economic indicators suggest that the economy in Singapore has turned around. The take-up rate in the first 9 months for 2009 for the mass and mid-tier properties has also been encouraging. Nonetheless, the business environment still remains challenging. The group will continue to focus on costs containment, prudent land purchase and cash flow management.”
Source : The Edge – 11 Nov 2009