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Wing Tai Holdings Q1 net profit slumps 87%

WING Tai Holdings' first-quarter earnings took a tumble, according to unaudited results released on Friday, amid lower profits from development properties and the absence of a one-off gain from selling off subsidiaries in the same period the year before.

Net profit fell 87 per cent year-on-year to S$2.16 million for the three months to Sept 30, even as revenue rose 8 per cent to S$77.9 million on a higher contribution from development properties after vacant land in Kuala Lumpur was sold off.

Wing Tai recorded an operating loss of S$1.13 million, against an operating profit of S$21.2 million the previous year, but was kept in the black with its share of profits of associated and joint venture companies and an income tax credit.

The group said in its outlook statement that it expects the sentiment for private homes in Singapore to stay subdued on market cooling measures, but added that it has plans to sell the second phase of the 301-unit Malaren Gardens in Shanghai.

Earnings per share slipped to 0.08 Singapore cent from 1.88 Singapore cents the previous year, while net asset value was S$4.31 a share, unchanged from June 30.

No dividend was recommended for the period, unchanged from the year before.

Wing Tai ended lower by S$0.01 or 0.51 per cent to S$1.94 before the results were announced.

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