Wing Tai Holdings has announced that its profit for the half-year ended 31 December 2010 climbed 23 percent year-on-year to S$84.1 million from S$68,650 a year ago. However, revenue dropped 27 percent to S$328.8 million from 2009’s S$451.37 million.
The company said revenue results for the current period are largely attributed to sales recognitions from projects like Helios Residences and Belle Vue Residences.
Meanwhile, the company’s operating profit dropped seven percent to S$117.1 million compared to S$126.0 million over the same period in 2009, attributed mainly to the contributions from The Floridian project, as well as from Wing Tai Properties Ltd, formerly known as USI Holdings Ltd, in Hong Kong.
In terms of quarterly results, Wing Tai posted a net profit of S$53.9 million in the second quarter, up 142 percent from 2009’s S$22.3 million, while revenue surged 13 percent to S$175.58 million compared to S$197.81 million over the same period in 2009.