Wing Tai Holdings profit jumps 173% amid higher revenue from Le Nouvel Ardmore, The M

PROPERTY and retail player Wing Tai Holdings has reported a net profit of S$43.6 million for the full year ended June 30, a 173 per cent jump compared with its previous financial year.

This came despite a net loss of S$13.2 million for the first six months of 2021. For the same half-year period in 2020, net loss amounted to S$16.8 million, according to the mainboard-listed company's full-year financial statement released on Thursday.

Its revenue for the full year rose 24 per cent to S$461.4 million, with H1 reporting a 16 per cent increase in revenue to S$218 million.

Wing Tai said the increase in revenue is mainly due to higher contribution from its development properties.

"The current year revenue from development properties was largely attributable to the additional units sold in Le Nouvel Ardmore and the progressive sales recognised from The M at Middle Road in Singapore," the company said.

The group's net asset value per share as at June 30 was S$4.14, almost on par with the S$4.18 it recorded during the same period last year.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up

Earnings per share stood at 3.99 cents, up from 0.40 cent in FY2020.

The company has declared an ordinary dividend of 3 cents per share and special dividend at 2 cents per share. In FY2020, the final dividend was 3 cents per share.

Looking ahead, while the residential property market is likely to remain stable, the construction industry is facing rising costs due to manpower shortage and reduced productivity as a result of safe-management measures at worksites, Wing Tai said, adding that it will exercise prudence in liquidity and capital management to ride through the market uncertainties.

Wing Tai shares closed flat at S$1.83 on Thursday.