Heeton Holdings

Heeton Holdings: 3Q14 net profit tumbled 80% y/y to $0.6m, while revenue improved 34% to $4m, bringing 9M14 earnings to $7.6m (-38%) and revenue to $29.5m (+145%), buoyed by recognition from two residential projects- Onze@Tanjong Pagar and the Earlington in London. Bottom line was dragged by higher sales and marketing expenses of $7.5m (+107%), increased interest expenses of $7.7m (+433%) resulting from bonds, loan from associate companies and a bank loan for development property, partially mitigated by higher associate income of $7m (+116%) attributed to progressive profit recognition from The Boutiq and Sky Green residential projects. In addition, group saw lower fair value gain of $3m (-21%) for the quarter. BVPS of $1.134.