Heeton Holdings achieved a significant 221% year-on-year increase in earnings for the second half of its financial year FY2024 ended on December 31, 2024, with profits reaching $3.85 million. However, the group remains in the red for the full year, despite the improvement.For the second half of FY2024, the company recorded earnings per share of 0.79 cents for every ordinary share. For the full year, however, the earnings per share were at a negative 0.28 cents per share.In terms of revenue, Heeton saw a 10.5% year-on-year growth, reaching $41.1 million for the second half of FY2024, while for the full year, the group achieved a 15.2% year-on-year increase, with revenue hitting $78.2 million.Read also: [UPDATE] Tenet EC is 93.2% sold after balloting by second-time buyers The group attributed the increase in turnover to its rental income from investment properties, hotel operation income and management fees. The growth in turnover for the full year was mainly driven by higher occupancy rates in the UK and an increase in rental rates for the group’s investment properties.In 2024, Heeton disposed of some of its subsidiaries, primarily its 70% stake in Gloucester Corinium Avenue Hotel Limited and Ensco 1154 Limited, resulting in a net gain of $3.78 million.The group’s property, plant and equipment reached $418.83 million, mainly comprised of hotel properties. During FY2024, there was a $16.92 million increase due to the acquisition of a hotel in Edinburgh, UK, offset by the appreciation of the pound sterling and a reversal of impairment changes, as well as the disposal of hotels in Japan and the UK, and depreciation charges for the period.On the cash flow side, there was a $32.7 million decrease in cash and cash equivalents, which was mainly driven by major cash inflows and outflows. This includes the proceeds of $26.43 million from the disposal of property, plant and equipment, and $11.37 million from the disposal of subsidiaries.On the other hand, the group had a net repayment of loans from associated and joint venture companies of $24.45 million, additions to property, plant and equipment of $40.36 million, and restricted cash pledge for bank facilities amounting to $22.98 million.Read also: Showsuite expands into legal-tech real estate solutionsIn light of the uncertain economic outlook in Singapore and the uncertain geopolitical landscape under the Trump administration, Heeton will continue to pursue a prudent and steady expansion strategy.The hospitality industry continues to face challenges such as high operating and labour costs, elevated interest rates, and an unpredictable macroeconomic environment. Despite this, Heeton is confident that its bespoke, high-quality boutique brand will continue to offer exceptional experiences to its guests.Meanwhile, Heeton remains active in land tenders in the residential market in Singapore, often as part of a consortium. The group’s two retail malls are also expected to generate stable and recurring income for its property investment business, offering diversification and mitigating potential risks.Heeton has declared a final dividend of 0.5 cents per share for the current financial period.Shares of Heeton closed at 27 cents, down by 0.5 cents or a 1.818% decrease on February 20.