Company Briefs: Wing Tai Holdings

Wing Tai expects the private residential property market in Singapore to continue to be affected by cooling measures.
Wing Tai expects the private residential property market in Singapore to continue to be affected by cooling measures.ST PHOTO: MALCOLM MCLEOD

Wing Tai Holdings

Wing Tai Holdings said net profit for the third quarter more than tripled from the same period a year ago, to $7.4 million, even as revenue fell 35 per cent year on year to $73.5 million.

This was largely due to lower contributions from development properties, it said yesterday. It said it expects the private residential property market in Singapore to continue to be affected by cooling measures.

Net asset value per share was $4.02 at the end of March, down from $4.04 nine months before. Earnings per share rose to 0.96 cent at end-March, from 0.27 cent a year earlier.


Hatten Land

Malaysian property developer Hatten Land swung to a net loss of RM74.3 million (S$24 million) for the third quarter, from a net profit of RM5.6 million in the same period a year ago, due to one-off expenses from its backdoor listing.

Revenue during the quarter jumped 122.6 per cent to RM164.9 million due to higher progressive sales recognised from the Hatten City Phase 2 and Harbour City projects.

Operating profit before non-operating expenses and tax about doubled to RM25.9 million in the quarter from RM12.6 million a year ago.

Hatten Land is the result of a backdoor listing by Malaysia's Hatten Group, helmed by brothers Colin and Edwin Tan.

The group struck a S$386 million reverse takeover deal with VGO Corp late last year, with VGO acquiring Hatten's Sky Win Management Consultancy to form Hatten Land.


China Sunsine Chemical

China Sunsine Chemical Holdings, a speciality rubber chemicals producer, said on Wednesday it had placed out all of its treasury shares to raise $17.5 million.

The money will be used for paying dividends in the future. "Owing to strong demand from prospective investors, the company decided to place out all its treasury shares to widen its shareholder base and increase the liquidity of its shares," it said in a statement.

The treasury shares had been accumulated over the years through the company's share buy-back scheme.

The placement shares were sold at 64.6 cents apiece. China Sunsine shares ended two cents lower at 70.5 cents yesterday.

A version of this article appeared in the print edition of The Straits Times on May 12, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe