Wing Tai keeps focus on existing markets

WHILE more local property groups have been venturing into new overseas markets to counter strong headwinds from cooling measures and a looming housing oversupply, Wing Tai has said it will continue to strengthen its position and explore investment opportunities in the markets it operates in. Its property business spans Singapore, China, Hong Kong and Malaysia.

The property and retail group on Thursday posted a 48 per cent drop in group net profit for the fourth quarter ended June 30, 2014, to S$143.1 million from the same year-ago period.

Revenue for the three months fell 42 per cent to S$179.8 million.

Full-year net earnings too slid 52 per cent to S$254.4 million amid a 40 per cent slump in revenue to S$803.4 million. The group suffered a big slide in revenue from development projects due mainly to lower contribution from the Foresque Residences, Heli…