Real estate and property developer Hong Lai Huat has recorded a 119% y-o-y jump in revenue from about $5.5 million to $12.1 million for its 1HFY2021 ended June 30. 

Gross profit also rose 69.6%, surging from $3.1 million to $5.2 million. However, gross margins fell from 55.1% to 42.7%, and the company recorded a net loss of $1.3 million, slightly lower than the $1.34 million loss in 1HFY2020

In an earnings release, it said the revenue increase was mainly due to an increase in property sales, as Hong Lai Huat recognised the remaining sales of its hotel in its D’Seaview mixed use project in Sihanoukville, Cambodia. In 1H2021, D’Seaview also saw improved collections from its buyers as efforts to market the unsold balance units continued positively.

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