Wing Tai books 90% on-year drop in full year earnings to S$21m

Wing Tai Holdings has booked a sharp drop in annual earnings.

Net income for the year ended in June came in at S$21 million, down by some 90 per cent on-year. The bottomline was dragged lower by fair value losses on investment properties.

Meanwhile, its revenue climbed by 18 per cent to S$428 million.

With the residential property market showing signs of a pickup in recent months, Wing Tai Holdings took the opportunity to commence sales of its latest projects, such as Belle Vue Residences, Ascentia Sky and Floridian. And it said the numbers have been encouraging.

Tan Hwee Bin, executive director, Wing Tai Holdings, said: “Subsequent to the year-end, which is from July 1, we have made another sale of 270 units and that will generate sales proceeds of S$570 million.”

This is almost triple the 100 units that Wing Tai sold for all of the last financial year, which generated S$208.5 million in sales value.

Revenue from development property jumped by 75 per cent on-year to S$280 million.

Wing Tai plans to ride on the positive market momentum and continue marketing its residential projects, and it also intends to continue to strengthen its balance sheet.

This year, two Wing Tai projects, Riverine by the Park and Casa Merah, will obtain Temporary Occupation Permits, generating S$185 million of sales proceeds.

Source : Channel NewsAsia – 25 Aug 2009

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