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Daily Archives: 26 Aug 2009

Wing Tai posts loss of $53.9m in Q4

Posted on 26 Aug 2009 | Comments Off

Results hit by $109.7m fair value losses on investment properties

WING Tai Holdings yesterday reported a net loss of $53.9 million for the fourth quarter ended June 30, 2009, as it booked fair value losses of $109.7 million on its investment properties. Net profit in the same three months a year ago was $96.3 million.

Revenue in the three months, however, rose 78 per cent to $191.5 million, from $107.3 million in Q4 2008.

The fair value loss also hit the developer’s full-year results. Net profit for financial year 2009 fell 91 per cent to $21.0 million, from $229.4 million for FY2008. Excluding the fair value losses on investment properties, the net profit of the group would have been $108.9 million in FY2009, compared with $157.8 million in the previous year, Wing Tai said.

Revenue for the full year rose 18 per cent to $507.3 million, from $428.2 million in the previous year, boosted by progressive sales recognised from Continue reading →

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Posted in Developers

Tagged Developers, Wing Tai

It’s just small home projects now – if at all

Posted on 26 Aug 2009 | Comments Off

In pre-recession days, home improvement projects were usually grand, expensive overhauls of kitchens and bathrooms.

In this economy, home improvement projects consist of painting the walls and replacing the jiggly toilet handle.

‘I’m not doing any major projects anymore,’ Steve Miller said as he shopped for putty knives last week at a Lowe’s in a suburb of Chicago, ‘but just fixing what I’ve got.’

For months, Mr Miller, 51, had been planning to give his kitchen and bathrooms a facelift. ‘Then the economy got bad, and I don’t want to run up any more credit,’ he said.

While the recession has caused consumers to pull the plug on exorbitant renovations, it has sparked a resurgence of small, do-it- yourself (DIY) Continue reading →