Wing Tai's Q4 net profit dives

WING Tai Holdings has posted a net profit of S$1.88 million for the fourth quarter ended June 30, 2016, down markedly from S$115.94 million net profit in the year-ago period.

This was on the back of a 35 per cent revenue drop to S$140.69 million. The lower revenue for Q4 FY2016 was due to lower sales from property development.

Another reason for the drop in net earnings was a 69 per cent fall in share of profits of associated and joint-venture companies to S$29.88 million due to lower contributions from the group's Hong Kong associate.

Earnings per share fell to 0.24 Singapore cent for Q4 FY2016 from 14.79 Singapore cents in Q4 FY2015.

Full-year net profit fell to S$7.08 million from S$150.30 million.

Still Wing Tai is recommending a first and final dividend of three Singapore cents per share in addition to a special dividend of the same quantum.

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This compares with only a first and final dividend of three Singapore cents for the preceding year.