SINGAPORE (Feb 6): Developer Wing Tai Holdings reported earnings of $3.2 million for 1HFY17, a 3% increase from the earnings of $3.1 million in the previous corresponding period.
For the half year period to December, revenue fell 55% to $131.1 million, on the back of the lower revenue contribution from its development projects, including the progressive sales of The Tembusu in Singapore and the units sold at Verticas Residences and Nobleton Crest in Malaysia.
At the same time, the group recorded a 54% increase in share of earnings from associates and joint ventures amounting to $8.5million. These came from the higher contributions from Wing Tai Properties in Hong Kong and Uniqlo in Singapore and Malaysia.
Wing Tai says that the buying sentiment for private residential properties is expected to remain “subdued”. While the group has launched its Malaren Gardens project in Shanghai, the group added that it will continue to monitor the market closely.
The group did not declare any dividends for the current financial period.
Shares in Wing Tai closed at $1.785 on Monday.
