Earnings plunged at property group Wing Tai Holdings, mainly due to the absence of a one-off gain that it racked up in the previous 12 months.
Net profit for the fourth quarter dived 86 per cent, from $131.3 million a year ago to $18.1 million, it reported yesterday, while revenue slipped 41 per cent to $63.4 million.
Full-year earnings were down 79 per cent to $46.8 million, while turnover was 10 per cent lower at $322.6 million.
It said the fall in full-year profit was due largely to the lack of a one-off gain from the disposal of a subsidiary company and the lower contribution from Wing Tai Properties in Hong Kong.
The share of profits from Wing Tai Properties in the previous year had included gains on the disposals of some assets.
It added that the full-year revenue decrease was due mainly to lower contributions from development properties.
"The current year revenue from development properties was largely attributable to the additional units sold in Le Nouvel Ardmore in Singapore and the increase in property sales in Malaysia," it noted.
Earnings per share for the fourth quarter on a fully diluted basis was 2.06 cents, down from 16.67 cents the year before.
The group declared a first and final dividend of three cents a share and a special dividend of two cents a share.
AT A GLANCE
Revenue: $63.4 million (-41%)
Net profit: $18.1 million (-86 %)
Dividend per share: 3 cents
Last year, it paid out a first and final dividend of three cents a share and a special dividend of five cents a share.
Wing Tai shares closed up 0.5 per cent at $2.07 yesterday.