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
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