SINGAPORE - Luxury developer Wing Tai Holdings said its first-quarter net profit eased by 1 per cent to $24.2 million.

This was despite revenue for the three months to Sept 30 falling by 28 per cent to $160.1 million.

Progressive sales recognised from The Tembusu, the additional units sold in Helios Residences in Singapore as well as The Lakeview in China contributed to revenue during the quarter.

Group operating profit decreased by 14 per cent to $37.2 million, largely due to the lower contributions from development properties.

Wing Tai posted a gain of $21.2 million arising from the sale of shares in a property subsidiary in Indonesia.

Its share of profits from associated and joint venture companies jumped by 69 per cent to $13.4 million, mainly due to the higher share of operating profit from Wing Tai Properties in Hong Kong.

Earnings per share slipped to 3.07 cents from 3.12 cents previously while net asset value per share climbed to $3.85 compared to $3.78 as at Dec 31.

On its prospects, Wing Tai expects the operating environment in the Singapore property market to remain difficult in the current financial year.