Heeton Holdings swings into the red with $11.2 million net loss

SINGAPORE - Developer Heeton Holdings swung into the red in the third quarter despite a rise in revenue.

The group logged a net loss of $11.2 million for the three months to Sept 30 - a whopping 317.3 per cent decline from a net profit of $5.2 million in the same quarter a year ago.

This came even as revenue surged 108.7 per cent to $18.8 million.

No dividends were declared for the period.

Loss per share was 3.46 cents, compared with earnings per share of 1.88 cents previously, while net asset value per share stood at 100.47 cents as at Sept 30, lower than the 104.46 cents as at Dec 31.

For the nine months ended Sept 30, the firm logged a net loss of $1.9 million, a reversal from a net profit of $7.8 million previously, while revenue grew 85.5 per cent to $46.6 million.

Heeton shares last closed at 41.5 cents on Nov 1.