Uniqlo JV helps to lift Wing Tai's H1 profit

PROPERTY firm Wing Tai Holdings on Monday reported a 3 per cent lift in net profit for the half year, as a sharp fall in revenue from development properties was mitigated in part by gains from its Uniqlo joint venture in Singapore and Malaysia.

Net profit for the six months ended Dec 31, 2016 stood at S$3.19 million, compared to S$3.11 million from a year ago.

Revenue was down 55 per cent to S$131 million from a year ago.

But the group booked a higher share of profits of associated and joint venture companies due to the higher contributions from Wing Tai Properties in Hong Kong, and Uniqlo in both Singapore and Malaysia.