Wing Tai Holdings Q1 net profits fall 35%

Wing Tai Holdings say its first quarter net profit fell 35 per cent on-year, to around S$30.2 million.

Meanwhile, revenue for the same period fell 52 per cent to S$131 million.

The company says the drop in profits was on the back of lower revenues earned for the quarter.

The company says that in the current quarter, it officially launched Belle Vue Residences, which to date has seen 65 per cent of its units sold.

It was also awarded the tender for a 99-year leasehold land parcel at Petir Road this month, at a price of S$177.4 million.

Wing Tai says the land will be developed as a residential development for sale.

Going forward, the company says it will continue to keep a close watch on the property market and will release more residential units for sale at the right time.

Source : Channel NewsAsia – 25 Oct 2010

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