Niche property developer Heeton Holdings has announced that its revenue for the first six months of 2011 rose four percent to S$17.8 million, from S$17.1 million over the same period last year.
This was largely attributed to proceeds from the sales of its residential developments like The Lumos and Juluca, as well as rental income from its investment properties.
The company’s H1 net profit also increased 7.6 percent to S$8.9 million, compared with S$8.3 million achieved in the previous year. This was recorded on the back of a 20.8 percent drop in the cost of properties sold in H1 and lower financial expenses.
Meanwhile, Heeton’s gross margin for the period improved 50 percent, compared with 48.5 percent a year ago, driven by higher margins realised by The Lumos residential project.
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