Wing Tai reports fiscal 4Q net profit tumbled 86 percent

Singapore 50 dollar bill

Wing Tai Holdings reported Tuesday its fiscal fourth quarter net profit dropped 86 percent on-year to S$19.35 million on lower contributions from development properties, year-earlier gains from disposing of subsidiaries and lower contributions from Hong Kong.

Revenue for the quarter ended 30 June declined 41 percent on-year to S$63.37 million, the property developer said in a filing to SGX.

The share of profit of associated and joint venture companies tumbled 91 percent on-year to S$10.58 million, the filing said.

“The share of profits of Wing Tai Properties Ltd. in the previous year included one-off gains on disposal of Winner Godown Building, an industrial building and W Square, a Grade A office building located in Hong Kong,” Wing Tai said.

For the full fiscal year, Wing Tai reported net profit dropped 79 percent on-year to S$46.77 million on revenue of S$322.62 million, down 10 percent on-year.

Wing Tai declared a dividend of 3 Singapore cents a share and a special dividend of 2 Singapore cents a share, compared with 3 Singapore cents and 5 Singapore cents, respectively, in the year-ago period.

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