Wing Tai Q3 profit up more than ninefold to S$68.2m on increased earnings from associated, JV companies

PROPERTY and retail group Wing Tai Holdings posted a net profit of S$68.2 million for the third quarter, a more than ninefold increase on the S$7.4 million earned in the year-ago period, on the back of an increase in profits earned by its associated and joint venture companies.

Earnings per share rocketed to 10.9 Singapore cents from 1.37 Singapore cents in the previous year.

However, for the three months ended March 31, revenue shrank 4.3 per cent from S$73.5 million in Q1 2017 to S$70.3 million.

For the nine months ended March 3, Wing Tai's net profit increased from S$10.6 million in the year-ago period to S$89 million. It recorded a 31 per cent increase in revenue to S$267.5 million, largely due to the higher contributions from its development properties such as the sale of additional units sold in Le Nouvel Ardmore in Singapore and the contribution from BM Mahkota in Penang.

Net asset value per share crept up to S$4.08 as at March 31, from S$4.07 nine months ago.

Wing Tai shares finished S$0.01 or 0.5 per cent down at S$2.03 on Thursday before the results were released.