Wing Tai's profit falls 45% in Q2

A DROP in contribution from development properties - coupled with a sharp drop in share of profits of associated and joint venture companies - led Wing Tai Holdings to a 45 per cent drop in second quarter net profit, to $48.4 million from $88.7 million last year.

Earnings per share were 6.17 cents compared with 11.32 cents a year ago. Revenue for the three months ended Dec 31, 2013, fell 23 per cent to $247.6 million.

The quarter saw share of profits of associated and joint venture companies plummet to $5.7 million from $39.7 million a year ago. For the half-year, the share from such entities was $13.6 million, down from $79.6 million a year ago. In the corresponding period last year, the share of profit from Wing Tai Properties included one-off gains from the disposal of its apparel branded business and its listed subsidiary in Hong Kong.