Wing Tai's net profit surges to S$7.4m, revenue slips 35% to S$73.5m in Q3

PROPERTY and retail company Wing Tai Holdings posted a net profit of S$7.4 million in its third quarter, a surge of 255 per cent from the previous year, the group said in a Singapore Exchange filing on Thursday evening.

This brings its net profit for nine months ended March 31, 2017 to S$10.6 million, a leap of 104 per cent from the corresponding period a year ago.

For the three months ended March 31, revenue slipped 35 per cent to S$73.5 million from the year-ago period. Revenue for the nine months ended March 31 dived 49 per cent to S$204.6 million from the previous year. The drop in revenue was partly due to lower contributions from development properties, it said.

Higher contributions from Wing Tai Properties Limited in Hong Kong and Uniqlo in Singapore and Malaysia led to higher share of profits of associated and joint venture companies - a jump of 24 per cent to S$16.9 million in its third quarter.

Earnings per share edged up to 0.96 Singapore cent in the third quarter, from 0.27 Singapore cent in the previous year. Net asset value per share dipped marginally to S$1.64 as at March 31, from S$1.70 in nine months ago.

On Thursday, Wing Tai Holdings shares finished at S$1.86, lower by S$0.015 or 0.8 per cent.