Wing Tai’s Q2 net profit up 7% at S$22.3m

Wing Tai Holdings on Friday announced a profit of S$22.3 million for the fiscal second quarter.

This was a 7 per cent increase from the corresponding period last year.

Revenue for the quarter came in at S$177 million.

This was a 93 per cent increase from the same period last year.

For the half-year ended 31 December 2009, the Group posted a revenue of S$454.3 million.

This was a 101 per cent increase from the corresponding period the year before.

The increase was mainly due to the higher contributions from the development properties division as more units were sold.

This included units sold in Belle Vue Residences and the progressive sales recognised from The Riverine by the Park in Singapore.

Based on the growth forecast of the Singapore economy and its expected positive impact on the property market, the Group said it will focus on marketing new residential projects and releasing more units for sale this year.

Source : Channel NewsAsia – 5 Feb 2010

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