Wee Hur posts Q1 profit of S$11.1m, up 3.5 times

PROPERTY firm Wee Hur Holdings on Friday evening posted a net profit of S$11.1 million for the three months ended March 31, a 3.5-fold increase on the S$3.2 million earned a year ago.

On a per-share basis, earnings for Q1 translated to 1.2 Singapore cents from 0.34 Singapore cent in the preceding year.

Revenue for Q1 grew by almost five-fold from S$32.7 million in the year-ago period to S$159.6 million.

Said Wee Hur in its filing with the Singapore Exchange: "The group's revenue grew by approximately S$126.9 million mainly due to the partial recognition of revenue, based on completed contract method, for its industrial development property, Mega@Woodlands, which attained its temporary occupation permit (TOP) in January 2018."

The increase in revenue for the period came despite a foreign exchange loss of S$8.9 million due to the depreciation of Australian dollar from 1.068 in March 2017 to 1.004 in March 2018.

Net asset value per share edged up to 0.39 Singapore cent as at March 31, from 0.38 Singapore cent three months ago.

Wee Hur shares ended S$0.005 or 2.2 per cent up at S$0.23 on Friday before the announcement.