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Wing Tai’s Q1 profit down 74%

Posted on 9 May 2012 | Comments Off

Real estate company Wing Tai Holdings on Tuesday reported net profit of S$42.3 million in the third quarter, down 74 per cent from the corresponding period a year ago as revenue fell 69 per cent to S$128.1 million as a result of lower contributions from development properties.

The company remained cautious over the outlook for the property market.

The Urban Redevelopment Authority’s residential property price index fell 0.1 per cent in the first quarter of 2012, compared with the 0.2 per cent increase in the previous quarter. This was the first quarterly fall in prices since the second quarter of 2009, following nine consecutive quarters of declining price increases, Wing Tai noted.

It said that “with the imposition of the additional buyer’s stamp duty in December 2011, the luxury and high-end property market appears to be consolidating. The group will continue to keep a close watch on the property market.”

Source Today 8 may 2012

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Posted in Developers

Tagged ABSD, additional buyer’s stamp duty, Urban Redevelopment Authority, Wing Tai Holdings

Wing Tai posts 50% fall in 9M earnings to $102m

Posted on 9 May 2012 | Comments Off

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