Wing Tai reports 49% fall in Q3 net profit to S$28m

Property developer Wing Tai Holdings on Monday said its third-quarter net profit fell 49 percent to about S$28 million.

This comes as revenue fell 63 percent to S$110 million.

For the nine months, its net profit declined 4 percent to S$133 million.

The company said the drop was due to lower revenue and operating profit from its development properties division.

It noted that the US sub-prime crisis and global economic uncertainties have affected the property market in Singapore.

It also hinted that it will be holding back property launches, saying that new residential projects for sale will be launched at the opportune time. – CNA/ms

Source : Channel NewsAsia – 12 May 2008

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