Wing Tai net profit jumps 676% in Q1

SINGAPORE - Wing Tai Holdings has posted a net profit of S$8.19 million in the first quarter, up 676 per cent from a net profit of S$1.06 million a year ago, lifted mainly by a S$16.7 million one-off gain on disposal of subsidiary companies.

Operating profit in the three months to Sept 30 rose 509 per cent to S$14 million from S$2.3 million in the same period last year, mainly due to the contributions from Le Nouvel Ardmore and Le Nouvel KLCC as well as the gain on disposal of Huai Hai project in Shanghai.

Revenue in the three months ended Sept 30 was S$67.1 million, down 4 per cent from a year ago although this was offset by lower cost of sales which fell 12 per cent from a year ago to S$34.1 million.

Earnings per share was 0.86 Singapore cent, up from 0.14 cent a year ago. Net asset value per share was S$4.05 as at Sept 30, down from S$4.07 as at June 30.

Wing Tai said it will "monitor the market closely in order to realise the appropriate timings for sale of more residential units in the current year".