Wing Tai Q4 profit soars to $275.8 million; profits for the year come to $531.1 million
Property group Wing Tai Holdings net profit soared 72 per cent to $275.8 million for its fourth quarter on the back of revenue increasing to $307.8 million in the same period ending June 30.
Net profit for the full year rose to $531.1 million, doubling from a year ago, largely due to the sale of units at its private residential projects.
Sales recognised on a progressive basis from local projects such as the Foresque Residences at Petir Road and L'VIV at Newton as well as the additional units sold at Helios Residences and Belle Vue Residences contributed to the increase.
Verticas Residences in Malaysia, which received its temporary occupation permit earlier this year, also contributed to the higher earnings.