Wing Tai Holdings reported Wednesday its fiscal first quarter net profit jumped 209 percent on-year to S$6.85 million amid higher contributions from development properties and a narrower foreign-exchange loss.
Revenue for the quarter ended 30 September rose 2 percent on-year to S$79.31 million, the developer said in a filing to SGX. The revenue increase was on higher contributions from development properties, mainly additional units sold in the Le Nouvel Ardmore project in Singapore.
Cost of sales dropped 20 percent on-year to S$36.94 million, the filing said.
The foreign exchange loss narrowed to S$764,000 from a S$4.79 million loss in the year-ago quarter, Wing Tai said.
The developer reported its share of profits of associated and joint venture companies rose 13 percent on-year in the quarter to S$10.47 million on higher contributions from Wing Tai Properties in Hong Kong and Malaren Gardens in Shanghai.
In its outlook, Wing Tai noted it acquired the freehold property at 4 Wesley Court, Burwood East, Victoria, Australia in September. It added it would monitor Singapore’s market and would launch its new residential project “at the appropriate time.”