Wing Tai Q4 profit soars to $275.8 million; profits for the year come to $531.1 million

Property group Wing Tai Holdings net profit soared 72 per cent to $275.8 million for its fourth quarter on the back of revenue increasing to $307.8 million in the same period ending June 30.

Net profit for the full year rose to $531.1 million, doubling from a year ago, largely due to the sale of units at its private residential projects.

Sales recognised on a progressive basis from local projects such as the Foresque Residences at Petir Road and L'VIV at Newton as well as the additional units sold at Helios Residences and Belle Vue Residences contributed to the increase.

Verticas Residences in Malaysia, which received its temporary occupation permit earlier this year, also contributed to the higher earnings.

"(Wing Tai Holdings) will continue to strengthen its position and explore investment opportunities in the markets it operates, namely Singapore, Malaysia, China and Hong Kong," it said in its results release.

Full-year earnings per share based on profit after fair value gains on its investment properties more than doubled to 67.81 cents as at June 30, while net asset value per share rose to $3.62 up from $2.85 a year earlier.

Wing Tai is recommending a final dividend of three cents a share and a special dividend of nine cents a share.

Its shares rose one cent to $2.04 yesterday. The results were released after the market closed.