Heeton posts 11.7% increase in Q2 net profit to S$6.2m

Property developer Heeton Holdings has posted a net profit of S$6.2 million for the fiscal second quarter, up 11.7 per cent on-year.

Revenue for the same period increased 29.7 per cent to S$9.5 million.

Heeton said the improved performance was mainly driven from sales from the company’s residential developments Juluca and The Lumos.

It also benefited from lower interest expense.

Looking ahead, the group said it expects to commence construction of its iLiv@Grange property development in the second half of the year.

Heeton said it is also in the midst of finalising drawing plans for its joint-venture Killiney Road site, and hopes to launch this project by the first quarter of 2011.

The firm said it is actively on the lookout for land tender or en-bloc acquisition opportunities to replenish its land bank.

Meanwhile, further sales recognition from its Juluca and The Lumos developments can be expected for the rest of the year, as the group makes further progress on their construction.

Source : Channel NewsAsia – 6 Aug 2010

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