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Wee Hur's nine-month revenue, earnings soar on completion of industrial property
WEE Hur Holdings on Friday reported a more-than-seven-time increase in net profit to S$102.5 million for its nine months ended Sept 30, 2014, compared to just S$13.1 million a year ago.
This came on the back of a more than doubling in the property developer-cum-builder's revenue to S$603 million in Q3, from S$245.6 million a year ago.
"Even though this was just nine months of profits, this figure already surpasses the group's record annual profit to shareholders of S$95.7 million, which it posted for FY2012," it said.
The performance was attributed to the recognition of profits from its industrial property development project, Premier@Kaki Bukit on its completion. The property received its temporary occupation permit (TOP) in August 2014 and has almost been fully sold to date.
In addition, progressive recognition of profits from its residential development project, Parc Centros in Punggol, which is fully sold, also helped.