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Wing Tai Holdings' second quarter net profit down 45% to $48.4 million

Published on Jan 27, 2014 7:49 PM

Property developer Wing Tai Holdings' earnings for the second quarter fell on the back of lower contributions from its properties under construction.

The firm said on Monday that its net profit for the three months to Dec 31 tumbled 45 per cent to $48.4 million from the same period a year ago.

Revenue for the second quarter was also down 23 per cent year-on-year to $247.6 million.

Wing Tai said contributions from its property L'Viv in Newton and progressive sales from Foresque Residences in Petir Road helped prop up its turnover for the quarter.

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