SINGAPORE - Malaysian property developer Hatten Land posted a 199.7 per cent rise in fourth-quarter net profit to RM59.7 million (S$19 million).

Quarterly revenue grew 24 per cent to RM130 million for the three months to June 30, owing to higher progressive sales recognised from the Hatten City Phase 2 and Harbour City projects, the catalist-listed firm said.

Full-year net profit fell 87.3 per cent to RM 8.7 million, mainly due to acquisition costs relating to a reverse takeover, while turnover expanded 12.1 per cent to RM462.4 million.

Gross profit for the quarter rose 85.6 per cent to RM73 million, compared with the same period a year ago, owing to the local government's assistance scheme for the development costs incurred for Hatten City Phase 1.

Quarterly earnings per share was 4.35 sen, compared with 1.68 sen the same period a year ago, while net asset value was 16.54 sen as at June 30, compared with 5.1 sen a year ago.

Hatten Land is the result of a backdoor listing by Malaysia's Hatten Group, helmed by brothers Colin and Edwin Tan.

The group struck a S$386 million reverse takeover deal with VGO Corp late last year, with VGO acquiring Hatten's Sky Win Management Consultancy to form Hatten Land.

The company has proposed an unchanged final dividend of 0.05 cent a share.