Wing Tai net profit surges to $8.19m
Launched for sale on 30 May, Serangoon North Avenue 1 was acquired by Wing Tai and Keppel Land for $446.28 million. (Photo: URA)
Wing Tai Holdings’ net profit soared to $8.19 million in the first quarter ended 30 September from $1.06 million in the same period a year ago, revealed an SGX filing on Monday (23 October).
At the same time, its operating profit increased substantially to $13.97 million from $2.3 million primarily due to the sale of additional units in Le Nouvel Ardmore in Singapore, along with those in Le Nouvel KLCC and Verticas Residences both in Malaysia. Another contributing factor is the disposal of the Huai Hai project in Shanghai.
However, the Singapore-listed property developer’s revenue during the quarter marginally declined to $67.13 million from $70.19 million during the corresponding period last year.
Nevertheless, its share of profits from associated firms and joint ventures rose to $6.76 million from $5.8 million mainly thanks to the higher contribution from Wing Tai Properties Limited in Hong Kong.
Furthermore, the group revealed that they have teamed up with Keppel Land to jointly build more than 600 houses on the 99-year leasehold prime residential site in Serangoon North Avenue 1 that was acquired from the government last August for $446.28 million.
As of 10am today (24 October), Wing Tai Holdings’ shares traded at $2.35, up from $2.32 on Monday.
This article was edited by Keshia Faculin.
