Wing Tai Holdings' second quarter net profit down 45% to $48.4 million

Property developer Wing Tai Holdings' earnings for the second quarter fell on the back of lower contributions from its properties under construction.

The firm said on Monday that its net profit for the three months to Dec 31 tumbled 45 per cent to $48.4 million from the same period a year ago.

Revenue for the second quarter was also down 23 per cent year-on-year to $247.6 million.

Wing Tai said contributions from its property L'Viv in Newton and progressive sales from Foresque Residences in Petir Road helped prop up its turnover for the quarter.

More units were also sold at its Helios Residences, while revenue from its foreign projects like Jesselton Hills in Penang and The Lakeview in Suzhou have been collected in full.

Earnings per share was 6.17 cents for the three months to Dec 31, down from 11.32 cents the same period a year ago.

Net asset value stood at $3.57 as at Dec 31, down from $3.62 as at Jun 30.

For the half year ended Dec 31, net profit dipped 55 per cent to $73 million from the same period a year ago. The firm's turnover also fell 17 per cent to $470.4 million in the same period.

Wing Tai Holdings' shares closed 0.5 cents down at $1.775 on Monday.

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