Wing Tai third quarter net profit slumps 27 per cent

SINGAPORE - Third quarter net profit at property developer Wing Tai Holdings fell 27 per cent to $2.1 million.

Revenue for the three months to March 31 fell 35 per cent to $113 million.

For the nine months to March 31, net profit plunged 85 per cent to $5.2 million while revenue fell 12 per cent to $403.8 million.

Revenue for the current period was mainly due to the progressive sales recognized from The Tembusu and additional units sold in Le Nouvel Ardmore in Singapore, as well as The Lakeview in China, the company said.

Earnings per share for the third quarter was 0.27 cent, down from 0.37 cent a year earlier.

Net asset value per share was $4.08 at March 31, compared to $4.07 as at June 30.

"Buying sentiment for private residential property in Singapore is expected to remain subdued. In Malaysia, the cautious buying sentiment in the property market will remain," the company said.

But in China, residential property sales has improved in certain cities, underpinned by some relaxation of home purchase restrictions, it added.

"The group will monitor the market closely and will at appropriate times release more residential units for sale in the current year."

The counter closed 2 cents lower at $1.80 on May 06. The results were posted after markets closed.