Wing Tai Holdings said its earnings for the nine months ended March 31, 2012, fell by 50% to $101.6 million from $203.8 million as a result of the lower revenue achieved.
For the period, the group recorded a total revenue of $422.7 million. This was $220.9 million lower than the $643.6 million revenue recorded in the nine months ended March 31, 2011.
Revenue from development properties for the current period was mainly attributable to the additional units sold in Helios Residences and Belle Vue Residences as well as the progressive sales recognized from Foresque Residences and L’VIV in Singapore.
The group’s operating profit decreased by 70% from $264.4 million to $80.1 million in the current period, largely due to the lower contributions from development properties. In the corresponding period, Helios Residences obtained its Temporary Occupation Permit (TOP) and the operating profit for all the units sold under the deferred payment scheme was fully recognised.
The share of profits of associated and joint venture companies increased from $33.6 million to $82.4 million in the current period. This increase is mainly due to the higher contributions from The Floridian and Ascentia Sky by Tanglin projects in Singapore and also from Wing Tai Properties in Hong Kong.
Source: TheEdge -8 may 2012
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