Construction and property developer Wee Hur Holdings has announced that its net profit in the first quarter jumped 90 percent to S$10.2 million, from $5.4 million a year ago, attributed to strong growth in its property development business.
Revenue for the quarter also climbed 89 percent to S$55.3 million, from S$29.3 million over the same period last year.
The company’s revenue has seen continued growth since it ventured into property development in 2009. Goh Yeow Lian, Executive Chairman of Wee Hur, said revenue for its property development business has been rising, while construction business revenue has remained on par.
“The robust revenue contribution from our property development business has convincingly endorsed our decision to engage in property development as another of our core businesses,” he said.
Its first industrial property development — Harvest@Woodlands — is almost 100 percent sold, while its Kaki Bukit industrial development is expected to be launched in June.
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