Wing Tai Holdings' first quarter net profit fell by two-thirds to $24.5 million from $72.1 million previously.

The developer of upmarket homes reported a 10 per cent drop in revenue to $222.8 million for the three months ended Sept 30.

Progressive sales recognised from Foresque Residences, Le Nouvel Ardmore and L'viv, additional units sold in Helios Residences in Singapore as well as contribution from Jesselton Hills project in Penang contributed to the revenue.

Jesselton Hills obtained its temporary occupation permit during the quarter and the revenue for all the units sold as at the end of the current quarter was fully recognised.

The group's operating profit decreased by 34 per cent from $65.1 million in the corresponding quarter to $43.2 million, largely due to the lower contributions from development properties.

Its share of profits from associated and joint venture companies was S$7.9 million, down sharply from $39.9 million in the same period last year but that was mainly due to the one-off gains from the disposal of apparel branded business by Wing Tai Properties in Hong Kong and the disposal of office units by a joint venture company in Singapore that amounted to a total of $24.7 million.

Earnings per share fell to 3.12 cents from 9.21 cents previously while net asset value per share stood at $3.62.