Wing Tai Q1 profit down 66%

Singapore

WING Tai Holdings reported a net profit of $24.5 million for the first quarter ended Sept 30, 2013, down 66 per cent. Revenue slid 10 per cent to $222.8 million.

Earnings per share worked out to 3.12 cents, down from 9.21 cents in the corresponding quarter last year.

In an update, the group said that revenue contributions during the quarter came from progressive sales recognised from Foresque Residences, Le Nouvel Ardmore and L'VIV, the additional units sold in Helios Residences in Singapore as well as the contribution from the Jesselton Hills project in Penang. Wing Tai added that all the Jesselton units sold, as at the end of the current quarte…