Wing Tai Q1 profit down on lower contribution from development properties

WING Tai's first quarter net profit halved to S$1.06 million from S$2.03 million in the same year-ago quarter.

For the three months ended Sept 30, 2016, revenue fell 59 per cent to S$70.19 million from the previous year. This was due largely to lower contribution from the development properties division, the property and retail group said in a regulatory filing with the Singapore Exchange on Thursday evening.

The Q1 revenue from development properties was mainly from progressive sales recognised from The Tembusu project in Singapore. The group's operating profit shrank 87 per cent to S$2.3 million during the quarter.

Earnings per share declined to 0.14 Singapore cent from 0.26 Singapore cent in the the year-ago quarter. Net asset value per share inched up to S$4.05 as at Sept 30, 2016 from S$4.04 as at June 30, 2016.

On the stock market, the counter ended half a Singapore cent higher on Thursday at S$1.71.

The group's net gearing ratio as at Sept 30, 2016 was 0.05 time.