Heeton Holdings has announced a 221% increase in earnings of $3.85million for the second half of FY2024 (1 July 2024 to 31 December 2024), compared to the same period last year. However, the group has reported a loss for the full year of FY2024.
Earnings per share stood at 0.79 cents for the second half of FY2024, while the full year earnings per share was negative at 0.28 cents.
The revenue for the second half of FY2024 saw a 10.5% year-on-year increase to $41.1 million, while the full year revenue grew by 15.2% to $78.2 million.
Heeton reported that the turnover for the second half of FY2024 was driven by rental income from investment properties, hotel operation income, and management fees. The turnover for the full year FY2024 increased due to higher occupancy rates in the United Kingdom and an increase in rental rates for investment properties.
The group disposed of some of its subsidiaries in 2024, including a 70% interest in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited, resulting in a net gain of $3.78 million. As of 31 December 2024, property, plant and equipment amounted to $418.83 million, mainly comprising of hotel properties.
Cash flow for the period saw a decrease in cash and cash equivalents of $32.70 million, with major inflows and outflows. These included proceeds from the disposal of property, plant and equipment of $26.43 million, and proceeds from disposals of subsidiaries of $11.37 million. On the other hand, there was a net repayment of loans from associated and joint venture companies of $24.45 million, in addition to $40.36 million spent on property, plant and equipment, and a restricted cash pledge for bank facilities of $22.98 million.
Given the current economic climate and uncertainties, Heeton intends to maintain its prudent approach towards strategic expansion. The group will continue to focus on providing high-quality, experiential stays for its guests, despite challenges faced by the hospitality industry such as high operating costs, labour costs, elevated interest rates, and an uncertain macroeconomic environment.
Heeton has also been actively participating in land tenders for local residential properties, often as part of a consortium, and expects its two retail malls to bring a steady and recurring income for its property investment business.
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The group has declared a final dividend of 0.5 cents per share for the current financial period.
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