Heeton Holdings reports 94% plunge in H1 net profit

Heeton Holdings on Friday said its net profit for the six months ended June 30 plummeted 94 per cent to S$4.2 million due in part to losses from associated companies and higher operating expenses.

The company reported a 40 per cent improvement in revenues to S$27 million, which it attributed to higher turnover from its property development segment and the sales of residential projects.

Despite the weaker first-half earnings, Heeton expects the contributions from its property investment and wet market operations to remain relatively stable in the months ahead.

It also expects to remain profitable for the current financial year.

Source : Channel NewsAsia – 8 Aug 2008

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