Wing Tai cuts dividends by half after 52% fall in earnings
Published on Aug 28, 2014 9:22 PM
SINGAPORE - Wing Tai Holdings announced on Thursday a disappointing year, with a cut in final dividends by half to six cents a share, from 12 cents last year.
Net profit for the year plummeted by 52 per cent to $254 million, on the back of an overall 40 per cent drop in revenue to $803 million.
Development properties, its core business segment, saw the biggest slide, dropping 49 per cent to $546 million.
Chief financial officer Ng Kim Huat attributed the drop to lower contribution from Foresque Residences, Helios Residences, Belle Vue Residences and Verticas Residences in Malaysia.
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