Wing Tai posts 95% rise in FY net profit

Singapore-listed property and lifestyle group Wing Tai Holdings reported yesterday a full-year net profit of S$314.2 million, up 95 per cent from a year earlier, largely due to fair value gains recognised on properties and higher contribution from associated and joint venture companies.

The company recorded a S$74.6 million in fair value gains from investment properties in the fiscal year ended June, compared with S$5.1 million the previous year.

The group’s share of profits of associated and joint venture companies jumped 218 per cent to S$164.2 million from S$51.7 million last year mainly because of higher contributions from Wing Tai Properties in Hong Kong and the Floridian project in Singapore, it said.

Revenue for the year was S$649.1 million, down 21 per cent from S$821.9 million a year ago.

The company has proposed a first and final dividend of 3 Singapore cents per share and a special dividend of 4 Singapore cents per share.

Source : Today – 30 Aug 2011

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