SINGAPORE (Aug 17): Hatten Land, the Malacca based developer formerly known as VGO Corp, reported 4Q17 earnings surge three-fold to RM59.7 million ($19 million) from RM19.9 million in 4Q16.

For the 4Q17 ended June, gross profit rose 85.6% to RM73.0 million — outpacing revenue growth of 24% to RM130.0 million — compared to RM39.3 million in the previous corresponding period 4Q16.

Operating profit rose 110.2% to RM56.5 million from RM26.9 million over the comparative period.

For the FY17 ended June, earnings came in at RM8.7 million.

Excluding one-off expenses related to the RTO of Hatten’s development arm, FY17 earnings would have risen 32.6% to RM91.0 million from RM68.6 million in FY16.

Hatten has proposed its first dividend since completing its reverse takeover (RTO) in end January of 0.05 cent each.

As at June 30, cash and cash equivalents stood at RM83.6 million.

Hatten Land has unbilled revenue of RM662 million, which will be progressively recognised from FY2018.

Dato’ Colin Tan, Executive Chairman and Managing Director of Hatten, says, “Hatten Land achieved a commendable net profit despite the inclusion of non-recurring expenses related to the RTO. Our robust results in 4Q2017 also set the tone for our growth going forward. The listing has transformed the profile of Hatten Land as it charts its next stage of growth as a quality developer in Melaka and beyond.”

On July 21, the group launched Satori, an 2.05-acre integrated development comprising a mall, hotel and serviced residences.

In FY18, the group intends to launch Harbour City Luxury Hotel, the last phase of its Harbour City development.

Harbour City, which will be completed by 2020, is located on Pulau Melaka fronting the Malacca Straits.

Shares in Hatten Land last traded at 20 cents.