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Wing Tai Holdings posts S$129.8m earnings for Q4

PROPERTY and retail group Wing Tai Holdings has delivered a net profit of S$129.8 million for the fourth quarter ended Jun 30, 2018, up from S$9.5 million a year ago.

Results were driven by a 258 per cent gain in share of profits of associates and joint venture (JV) companies. Wing Tai also recorded a S$21.7 million increase in other gains, back from the red of S$5.6 million the previous year. The increase was mainly due to the fair value gains on investment properties and gain on disposal of subsidiary companies.

Revenue in Q4 rose 80 per cent to S$105.8 million, propelled by higher contributions from development properties.

For the full year, Wing Tai’s bottomline soared from S$20.1 million to S$218.8 million, boosted by profits from associated and JV companies - which was up 188 per cent - as well as other gains.

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Turnover was S$373.2 million, a 42 per cent rise from FY17. It was largely due to higher revenue from additional units sold in Le Nouvel Ardmore in Singapore and BM Mahkota in Penang.

Earnings per share for Q4 was 16.57 Singapore cents, up from 1.22 Singapore cents a year ago.

The group has declared a first and final dividend of three Singapore cents and a special dividend of five Singapore cents.

Wing Tai finished at S$2.00 on Tuesday, down from S$2.02.