Wing Tai Q1 bottomline jumps to S$8.2m

PROPERTY group Wing Tai Holdings has posted a 676.4 per cent jump in first quarter net profit to S$8.2 million from the year-ago period, the group said in a Singapore Exchange filing on Monday evening.

Operating profit climbed to S$14.0 million in the quarter ended Sept 30 from S$2.3 million in the year-ago period - largely due to the contributions from the Le Nouvel Ardmore condo project in Singapore and Le Nouvel KLCC in the Malaysian capital, as well as the gain on disposal of the Huai Hai project in Shanghai.

Wing Tai's revenue for Q1 FY2018 shrank 4.4 per cent to S$67.1 million from the previous year.

Earnings per share rose to 0.86 Singapore cent from 0.14 Singapore cent in the year-ago period. Net asset value per share dipped to S$4.05 as at Sept 30, 2017 from S$4.07 three months ago.

Wing Tai shares finished 2 Singapore cents or 0.9 per cent lower at S$2.32 on Monday.