SINGAPORE (May 11): Property group Wing Tai reported a more than trebling of 3Q earnings to $7.4 million from $2.1 million a year ago.
Group revenue for the 3Q ended March fell 35% to $73.5 million but share of profits of associated and JV companies rose 24% to $16.9 million while finance costs fell 21% to $9.3 million.
For the nine months ended March, earnings more than doubled to $10.6 million although revenue fell by nearly half to $204.6 million largely due to the lower contributions from development properties.
The current period revenue from development properties was led by progressive sales recognised from The Tembusu and the additional unit sold in Le Nouvel Ardmore in Singapore.
The group’s operating profit decreased 96% to $1.2 million from $31.6 million, largely due to the lower contributions from development properties.
The group’s share of profits of associated and joint venture companies increased by 40% to $41.2 million mainly due to the higher contributions from Wing Tai Properties in Hong Kong and Uniqlo in both Singapore and Malaysia.
Shares of Wing Tai closed 1 cent lower at $1.86.
