Tag Archives: Wing Tai

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 →

Wing Tai Holdings has booked a sharp drop in annual earnings.

Net income for the year ended in June came in at S$21 million, down by some 90 per cent on-year. The bottomline was dragged lower by fair value losses on investment properties.

Meanwhile, its revenue climbed by 18 per cent to S$428 million.

With the residential property market showing signs of a pickup in recent months, Wing Tai Holdings took the opportunity to commence sales of its latest projects, such as Belle Vue Residences, Ascentia Sky and Floridian. And it said the numbers have been encouraging.

Tan Hwee Bin, executive director, Wing Tai Holdings, said: “Subsequent to the year-end, which is from July 1, we have made another sale of 270 units and that will generate sales proceeds of S$570 million.” Continue reading →