Heeton Holdings announced 4QFY2014 net profit of $1.9 million, down 69% from 4QFY2013. FY2014 earnings amounted to $9.5 million, down 48.5% from the previous year. Revenue for FY2014 was up 2.4 times to $36.3 million from the previous year. Major contribution to total revenue came from two residential projects: Onze@Tanjong Pagar, and the Earlington in London. The group made a provision for foreseeable losses of $5 million for one of its development properties that obtained TOP in October 2013. It is believed to be the 30-unit freehold iLiv@ Grange, which is still unsold.

This article appeared in the City & Country of Issue 666 (Mar 02) of The Edge Singapore.