Wing Tai's Q3 revenue, profits slump

PROPERTY developer Wing Tai Holdings saw its takings hit by slowing sales of property units in the quarter ended March 31, 2016.

Its revenue was down 35 per cent to S$113.0 million for the three months, from S$174.1 million.

Net profit attributable to shareholders fell 27 per cent to S$2.1 million, from S$2.9 million the year before.

Looking ahead, Wing Tai said it expects buying sentiment for private residential property in Singapore to stay subdued and for the cautious buying sentiment in the Malaysian property market to remain. But it noted that residential property sales in China have improved in certain cities, underpinned by some relaxation of home purchase restrictions.

Wing Tai shares closed 2 cents down on Friday at S$1.80.