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Wing Tai Q2 net profit sinks 85% to S$1.08m

WING Tai Holdings' net profit for the second quarter ended Dec 31, 2015 sank 85 per cent year-on-year to S$1.08 million, while revenue dipped 5 per cent to S$120.61 million.

For the half year ended the same date, the property group's net profit dropped 90 per cent to S$3.11 million, despite a one per cent increase in revenue to S$298.87 million.

Revenue for this period was largely due to the progressive sales recognised from The Tembusu, the additional units sold in Le Nouvel Ardmore in Singapore and The Lakeview in China as well as the contribution from Phase 2 of Jesselton Hills in Penang.

Wing Tai said "other gains" in the group's income statement for the corresponding half-year period a year ago had included a one-off gain of S$21.1 million, arising from the sale of shares in a property subsidiary in Indonesia - hence marking a high year-on-year base.

Earnings per share stood at 0.14 Singapore cents for Q2 - lower than the 0.93 Singapore cents recorded in the corresponding period a year earlier.

No dividend was declared.