Wing Tai Holdings Limited, one of the leading high-end residential property developers in Singapore, has posted a 148 percent increase in its net profit to S$170.6 million for the fourth quarter ended 30 June 2011.
For the financial year ended 30 June 2011, the group recorded a net profit of S$314.2 million, up 95 percent from S$160.8 million in the same period last year.
In addition, Wing Tai recorded a total revenue of S$649.1 million for the financial year ended 30 June 2011. This represents a 21 percent decrease from the S$821.9 million revenue recorded in the same period last year.
For the current year, revenue from development properties was mainly generated from the progressive sales of Helios Residences and Belle Vue Residences in Singapore.
Meanwhile, the group sold 8,039 residential units in Singapore in the first half of this year.
The group also launched a new residential project, the 496-unit Foresque Residences in the Upper Bukit Timah area. To date, 86 percent of 220 units released in the first phase have been sold.
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