Heeton Holdings reported a significant increase in earnings for the second half of FY2024 ended Dec 31, 2024, with a rise of 221% compared to the same period the previous year, reaching $3.85 million.However, despite this positive development, the group’s overall results for the full year were still in the red.For the 2HFY2024, earnings per share were recorded at 0.79 cents per ordinary share, while for the full year, they were at a negative 0.28 cents per share.Revenue for the 2HFY2024 showed a 10.5% year-on-year growth, amounting to $41.1 million. Meanwhile, for the full year, the group’s revenue increased by 15.2% year-on-year to reach $78.2 million.Read also: [UPDATE] Tenet EC is 93.2% sold after balloting by second-time buyersAdvertisementAdvertisementThe main sources of turnover for the 2HFY2024 were rental income from investment properties, hotel operations, and management fees. The increase in turnover for the year ended Dec 31, 2024 was mainly attributed to higher occupancy rates in the United Kingdom and an increase in rental rates for the group’s investment properties.During the year, the group disposed of some of its subsidiaries, particularly its 70% interest in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited. This resulted in a net gain of $3.78 million.As of Dec 31, 2024, the group’s property, plant, and equipment amounted to $418.83 million, with hotel properties making up the majority. There was a recorded increase of $16.92 million in FY2024 due to the acquisition of a hotel in Edinburgh, United Kingdom. However, this was offset by the appreciation of Pound Sterling and the reversal of impairment charges, as well as the disposal of hotels in Japan and the United Kingdom and depreciation charges incurred.In terms of cash flow, the group saw a decrease in cash and cash equivalents of $32.70 million due to significant inflows and outflows. Among these, the proceeds from the disposal of property, plant, and equipment amounted to $26.43 million, while proceeds from the disposal of subsidiaries reached $11.37 million.On the other hand, cash outflows were recorded for a net repayment of loans from associated and joint venture companies amounting to $24.45 million, as well as for additions to property, plant, and equipment at $40.36 million, and the pledge of restricted cash for a bank facility worth $22.98 million.AdvertisementAdvertisementGiven the current uncertain economic situation in Singapore and the geopolitical landscape under the Trump administration, the group intends to maintain its prudent and measured strategic expansion.Read also: Showsuite expands into legal-tech real estate solutionsAs the hospitality industry continues to grapple with challenges such as high operating and labor costs, increased interest rates, and an unpredictable macroeconomic environment, Heeton remains committed to providing personalized boutique experiences for its guests.The group will also continue to participate in land tenders in the local residential market, including government housing schemes, often as part of a consortium. Furthermore, its two retail malls are projected to continue generating stable recurring income for its property investment business.The group announced a final dividend of 0.5 cents per share for the current financial period.Shares of Heeton closed Feb 20 at a 1.818% decrease, or 0.5 cents lower, at 27 cents.
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