Wing Tai cuts dividends by half after 52% fall in earnings

An artist's impression of The Crest condominium along Prince Charles Crescent, a joint venture led by Wing Tai. Wing Tai Holdings announced on Thursday, Aug 28, 2014, a disappointing year, with a cut in final dividends by half to six cents a sha
An artist's impression of The Crest condominium along Prince Charles Crescent, a joint venture led by Wing Tai. Wing Tai Holdings announced on Thursday, Aug 28, 2014, a disappointing year, with a cut in final dividends by half to six cents a share, from 12 cents last year. -- PHOTO: WING TAI HOLDINGS

SINGAPORE - Wing Tai Holdings announced on Thursday a disappointing year, with a cut in final dividends by half to six cents a share, from 12 cents last year.

Net profit for the year plummeted by 52 per cent to $254 million, on the back of an overall 40 per cent drop in revenue to $803 million.

Development properties, its core business segment, saw the biggest slide, dropping 49 per cent to $546 million.

Chief financial officer Ng Kim Huat attributed the drop to lower contribution from Foresque Residences, Helios Residences, Belle Vue Residences and Verticas Residences in Malaysia.

This was partly offset by higher contribution from L'Viv, which obtained its temporary occupation permit this year, he said.

Earnings per share decreased to 16.6 cents from 37.5 cents , while net asset value was $3.78 at June 30, down from $3.62 a year back.

Wing Tai shares closed up half a cent at $1.87 on Thursday.