Singapore, 6 August 2024 – Heeton Holdings Limited, a Singapore-listed property and hospitality group, announced its unaudited financial results for the six months ended 30 June 2024. The Group reported a net loss of S$5.52 million, marginally narrowing from the S$5.64 million loss in HY2023, as higher revenue from UK hotel operations was offset by rising finance costs and impairment charges.
Financial Performance Highlights
Group revenue surged 20.9% year-on-year to S$37.11 million, driven by stronger occupancies at UK hotels and increased rental income from investment properties. Operating profit improved significantly to S$9.24 million (HY2023: S$5.10 million), reflecting better cost management. However, finance expenses rose 12.7% to S$14.06 million due to elevated interest rates, while impairment losses of S$1.02 million were recorded on receivables from associated companies.
The hospitality segment remained under pressure from inflationary operating costs, though UK operations benefited from the country’s economic recovery. Investment properties held steady at S$223.50 million, with no fair value adjustments in the period.
Total assets stood at S$979.46 million as of 30 June 2024, with property, plant, and equipment accounting for 39% (S$384.16 million). The Group classified a Japanese hotel (net book value: S$22.06 million) as an asset held for sale, with completion expected in August 2024.
Cash reserves grew to S$70.87 million (HY2023: S$90.32 million), supported by S$5.06 million in new bank loans and S$5.16 million from matured treasury bills. Debt levels remained elevated, with S$354.83 million in bank term loans and S$53.80 million in outstanding bonds.
Business Outlook
Executive Chairman Mr. Toh Giap Eng noted: “While macroeconomic uncertainties persist, our diversified portfolio and operational improvements provide resilience. The UK’s economic rebound has bolstered our hospitality segment, and we are actively exploring new opportunities in industrial property and build-to-rent concepts.”
The Board did not declare an interim dividend, consistent with its practice.
–
Established in 1976 and listed on Singapore Stock Exchange in September 2003, Heeton Holdings Limited is a real estate company focused on property development, investment and management, and hospitality.
