Wing Tai reports fiscal 4Q net profit surges nearly 14 times

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Wing Tai Holdings reported on Tuesday that its fiscal fourth quarter net profit surged nearly 14 times on-year to S$129.79 million from S$9.49 million a year earlier amid continued project sales.

Revenue for the quarter ended 30 June rose 80 percent on-year to S$105.78 million, the property developer said in a filing to SGX after the market close on Tuesday.

Other gains for the quarter were at S$21.69 million, compared with a loss of S$5.59 million in the year-earlier quarter, it said.

Finance costs declined to S$8.16 million in the quarter, from S$11.71 million in the year-earlier quarter, Wing Tai said.

For the full fiscal year, net profit climbed 988 percent on-year to S$218.80 million, while revenue was up 42 percent at S$373.23 million, amid higher contributions from development projects, it said.

That was mainly on additional units sold in Le Nouvel Ardmore in Singapore and the contribution from Penang project BM Mahkota, which obtained its Temporary Occupation Permit (TOP) with revenue for the units sold to date fully recognized, the filing said, noting it also had a gain on disposal from the Huai Hai project in Shanghai.

Wing Tai’s share of profits from associated and joint venture companies increased to S$211.6 million in the year, from S$73.4 million in the previous year, mainly on the share of gains from Hong Kong’s Wing Tai Properties selling industrial property Winner Godown Building and Grade-A office building W Square, the filing said.

It also had a contribution from Malaren Gardens in Shanghai from residential units sold to date and handed over to buyers during the year, it said.

In its outlook, Wing Tai pointed to the Singapore government’s move to impose fresh property cooling measures, adding it expected the market in the city-state to be “subdued.”

Wing Tai also noted that in June, it joined with Keppel Land to launch the Garden Residences, a 613-unit leasehold residential development at Serangoon North Avenue 1 and that more than 40 percent of the 156 units launched under phase one have been sold.

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