Wing Tai reports rise in Q2 net profit, revenue

Property group Wing Tai Holdings has reported a 1 per cent rise in second quarter net profit to S$34.2 million from the previous year.

The company attributed the increased profit to the higher contributions from its developments The Floridian and Ascentia Sky by Tanglin in Singapore, and also from its properties in Hong Kong.

Group revenue for the quarter ended December 31 rose 18 per cent to S$185.62 million from S$157 million.

For the six-month period, Wing Tai posted a 46 per cent on-year rise in net profit to S$59.3 million and group revenue increased 31 per cent to S$294.6 million.

In its filing to the Singapore Exchange, the company said this is mainly due to the progressive sales of Foresque Residences and L’VIV as well as the additional units sold in Helios Residences and Belle Vue Residences in Singapore.

Looking ahead, the company said in a statement that it expects the property market to consolidate with the imposition of the additional buyer’s stamp duty in December 2011.

It added that the group “will keep a close watch on the property market and will at the appropriate times release more residential units for sale in the current year”.

Source : Channel NewsAsia – 13 Feb 2012

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