SINGAPORE (Feb 13): Regional property and lifestyle group Wing Tai Holdings has reported 1H19 earnings of $18.2 million, 14% down from $21.1 million a year ago in the absence of a one-off gain on disposal of a subsidiary.
Nonetheless, the group’s latest set of 2Q19 earnings grew threefold y-o-y to $16.1 million from $5 million in the previous year.
Revenue for 2H19 grew 7% to $193.9 million from $181 million a year ago, largely due to an increase in property sales in Malaysia.
Further, the absence of the one-off gain was also partially mitigated by a $10.6 million increase in share of profits of associated and joint venture companies during 1H19 – which came on the back of higher contributions from Wing Tai Properties Limited in Hong Kong, as well as Uniqlo in Singapore and Malaysia.
As at end-2018, net asset value (NAV) per share was $4.24, while cash and cash equivalents stood at $821.7 million compared to $840 million as at end-2017.
In view of growing private residential property prices and diminishing units sold islandwide over 2017-2018, based on Urban Redevelopment Authority (URA) figures, Wing Tai says it expects buying sentiment to remain subdued going forward.
The group nonetheless intends to continue keeping a lookout for investment opportunities in Singapore and overseas markets.
Shares in Wing Tai closed flat at $2.03 on Wednesday.
