Heeton Holdings Ltd slipped into a net loss of S$10.05 million for the 12 months ended Dec 31, 2025, reversing a net profit of S$0.73 million a year earlier, as fair-value losses on derivatives and investment securities as well as impairment charges offset a higher top line.
Revenue rose 3.9 per cent year-on-year (YoY) to S$81.18 million, supported by the first full-year contribution from the Heeton Concept Aparthotel in Edinburgh, which was acquired in December 2024. Earnings per share fell to a negative 1.90 Singapore cents from a negative 0.28 cents. The board proposed a final cash dividend of 0.50 Singapore cent per share, unchanged from the previous year; the books-closure and payment dates will be announced later.
By segment, the hospitality division remained the largest contributor, generating S$67.63 million in external revenue and S$6.94 million in pre-tax profit, up from S$64.68 million and S$8.36 million respectively. Property investment booked S$12.84 million in rental income and S$9.08 million in pre-tax profit. Property development logged a pre-tax loss of S$1.33 million, while the corporate segment recorded a pre-tax loss of S$21.25 million, reflecting finance costs and fair-value movements.
The swing to loss was driven by S$2.44 million in fair-value losses on derivative financial instruments linked to a forward contract, a S$0.43 million fair-value loss on an investment security, and a S$0.92 million impairment on property, plant and equipment. Impairment losses on financial assets came in at S$4.95 million, though this was narrower than the S$7.14 million booked in FY2024.
Cash flow from operations was slightly negative at S$0.29 million, but the group closed the year with S$50.72 million in cash and fixed deposits after drawing down S$40.04 million in new bank loans and releasing S$21.04 million of previously pledged cash. Net current liabilities stood at S$4.29 million, mainly due to the reclassification of a S$53.8 million bond maturing in November 2026 to current liabilities.
Looking ahead, management signalled that it will maintain prudent capital management while expanding its hospitality footprint. Enhancement works at Dorsett Changi City Singapore have lifted key count to 419 rooms, the Queen Street aparthotel is fully operational, and the “Dawa at Hilltop by Heeton” resort in Bhutan opened in 2H2025. The group also disclosed a second Singapore hotel investment—Link Hotel—with consortium partners. It expects its investment properties to provide stable recurring income and will continue to bid for residential land in Singapore through consortium structures, all while monitoring “elevated operating and labour costs” and broader macro-economic uncertainties.