Hatten Land sinks into RM74m Q3 loss on one-off RTO expenses

HATTEN Land reported a net loss of RM74.25 million (S$24 million) for the third quarter ended March 31, from a net profit of RM5.65 million in the year-ago period, dragged down by one-off expenses relating to its backdoor listing.

The group reported a one-off non-operating expense of RM87.8 million in the three months from professional fees related to its reverse takeover (RTO) and acquisition costs arising from the RTO.

Revenue during the quarter surged 122.6 per cent to RM164.9 million, mainly due to higher progressive sales recognised from the Hatten City Phase 2 and Harbour City projects. The group's gross margin slipped to 29.8 per cent from 37.6 per cent a year ago mainly due to lower profit margin projects sold.

Group executive chairman and managing director Colin Tan said the group is now bracing itself for the upcoming completion of Hatten City Phase 2 and the launch of the Imperio Mall within this year.

"With the recent acquisitions and the plans for the five slated landbanks in the pipeline, we are embarking on our new phase of expansion," he added.