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Hatten Land sinks into the red on RTO-related expenses

Michelle Zhu
Michelle Zhu5/11/2017 07:43 AM GMT+08  • 3 min read
Hatten Land sinks into the red on RTO-related expenses
SINGAPORE (May 11): Hatten Land, the property development arm of Malaysian conglomerate Hatten Group, reversed to a loss of RM74.2 million ($24.1 million) for the third quarter ended March 31, compared to its RM5.6 million of earnings posted in the same q
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SINGAPORE (May 11): Hatten Land, the property development arm of Malaysian conglomerate Hatten Group, reversed to a loss of RM74.2 million ($24.1 million) for the third quarter ended March 31, compared to its RM5.6 million of earnings posted in the same quarter a year ago.

This comes despite a more-than-doubling of revenue of RM164.9 million for the quarter from RM74 million in the previous year, which was due to higher progressive sales recognised from the Hatten City Phase 2 and Harbour City projects.

To recap, Hatten Land was formed in place of VGO Corporation after the Jan 2017 completion of an RTO by Sky Win Management Consultancy, after which the existing business of VGO Corporation was disposed.

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