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Heeton's 1Q earnings more than double to $6.5 mil on higher income, share of profits

PC Lee
PC Lee5/10/2018 07:50 PM GMT+08  • 1 min read
Heeton's 1Q earnings more than double to $6.5 mil on higher income, share of profits
SINGAPORE (May 10): Property amd hotel group Heeton Holdings reported first quarter earnings more than doubled to $6.45 million for 1Q18 from $2.80 million in 1Q17.
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SINGAPORE (May 10): Property amd hotel group Heeton Holdings reported first quarter earnings more than doubled to $6.45 million for 1Q18 from $2.80 million in 1Q17.

Group turnover for the 1Q18 ended March fell 23.9% to $11.79 million. This was due to a decrease in sales revenue of $4.43 from residential project, [email protected] Pagar; decrease in rental revenue of $0.28 million mainly due to completion of diposal of investment property, The Woodgrove in February; as well as an increase in hotel operation income by $1 million mainly attributable to new hotel, Luma Concept Hotel Hammersmith London.

Other operating income increased by $4.11 million to $4.82 million in 1Q18 mainly due to the gain on disposal of The Woodgrove for $4.15 million.

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