Wing Tai Q4 earnings up despite impairment

Profit of S$9.49m, up from S$1.88m a year ago, on the back of higher contribution from HK associated firm and on S$5.3m tax credit

Kalpana Rashiwala

Published Thu, Aug 24, 2017 · 09:50 PM

Wing Tai

Singapore

DESPITE making a provision for impairment in the value of its joint-venture condo development The Crest near Jervois Road, Wing Tai Holdings managed to post an increase in net earnings for the fourth quarter ended June 30.

The property and retail group controlled by the Cheng family posted a net profit of S$9.49 million for Q4 FY2017, up from a profit of S$1.88 million for the same year-ago period.

This was on the back of higher contribution from its associated company Wing Tai Properties Limited in Hong Kong. As well, a tax credit of S$5.3 million helped to improve the bottom line.

Revenue fell 58 per cent to S$58.64 million.

Wing Tai said that earnings per share rose to 1.22 Singapore cents in Q4 FY 2017 from 0.24 Singapore cent in Q4 FY 2016. Net asset value per share inched up to …