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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