Wing Tai’s Q3 profit up 123% to S$94.6 million

Property developer Wing Tai Holdings on Monday reported third-quarter profit more than doubled from the corresponding period a year earlier, boosted by sales from residential projects in Singapore and Malaysia.

Net profit for the three months ended March 31 was S$94.6 million, up 123 per cent from a year earlier, as revenue surged 256 per cent to S$455.8 million. For the nine-month period, net profit jumped 151 per cent to S$255.3 million as revenue rose 142 per cent to a record S$1.02 billion.

The company said the jump in turnover was mainly attributable to the progressive sales recognized in Singapore from Foresque Residences in Petir Road, L’VIV in Newton, the additional units sold in Helios Residences in Cairnhill and Belle Vue Residences in Oxley Walk.

Meanwhile, its Verticas Residences in Malaysia obtained its Temporary Occupation Permit and the revenue for all the units sold as at the end of the current period was fully recognized.

Source – Today – 13 May 2013

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