SINGAPORE - Developer Wing Tai Holdings has posted a 92 per cent drop in first quarter earnings to $2 million, mainly due to the absence of a one-off gain in the corresponding quarter last year.

The group had recorded a gain of $21.2 million on disposal of a subsidiary company in Indonesia last year.

Revenue for the three months to Sept 30 rose by 6 per cent to $170.2 million.

This was mainly attributable to the progressive sales of units recognised from The Tembusu, the additional units sold in Le Nouvel Ardmore in Singapore and The Lakeview in China, as well as the contribution from Jesselton Hills in Penang.

In the current quarter, Phase 2 of Jesselton Hills obtained its Temporary Occupation Permit and the revenue for all units sold was fully recognised, said Wing Tai.

The group's share of profits from associated and joint venture companies fell by 45 per cent to $7.4 million in the current quarter, largely due to the lower contributions from Wing Tai Properties in Hong Kong and its joint venture development projects in Singapore.

Earnings per share shrank to 0.26 cents from 3.07 cents previously while net asset value per share firmed to $4.17 compared to $4.07 as at June 30.

Looking ahead, Wing Tai noted that buying sentiment for private residential property in Singapore is expected to remain subdued.

In Malaysia, the cautious buying sentiment in the property market remains.

In China, residential sales are expected to improve with some relaxation of home purchase restrictions in certain cities.

Wing Tai said it will monitor the market closely and will at appropriate times officially launch new residential projects for sale in the current financial year.