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.

Share of profits from associated companies and JV companies increased 44.7% to $3.46 million in 1Q18 from $2.39 million in 1Q17. This was mainly attributed to increase in progressive profit recognition of fully sold residential projects, High Park Residences and Westwood Residences.

In its outlook, Heeton says it continues to be cautiously optimistic on the outlook for the Singapore residential market.

Shares in Heeton closed 0.5 cent lower at 56 cents on Thursday.