Property developer Wing Tai Holdings has posted an eight per cent increase in third quarter net profit to S$23.2 million compared to a year ago.
This came on the back of a hefty 89.6 per cent rise in revenue for the quarter to S$149.54 million.
This comes on the back of higher contributions from the development projects in its properties division.
Wing Tai said profits recognized from units sold in Belle Vue Residences and The Riverine by the Park contributed to the increase in the group’s operating profit.
This has also led to the higher net profit for the nine months ended March which rose 23 per cent to S$91.8 million.
Its consolidated revenue for the nine months soared 91 per cent to S$604 million.
Looking ahead, Wing Tai said it will continue to focus on marketing new and current residential projects and releasing more units for sale.
Source : Channel NewsAsia – 13 May 2010