Wing Tai Holdings recorded a net profit of S$34.2 million for the second quarter ended 31 December 2011, a slight increase of one percent from the restated S$33.9 million in the previous year.
Meanwhile, the group’s revenue for the quarter increased 18 percent year-on-year to S$185.6 million due to progressive sales of certain developments and more units being sold.
However, operating profit decreased 41 percent to S$33.2 million, from S$56.3 million in the same period last year, as sales costs increased 47 percent to S$104.1 million. Distribution expenses expanded 13 percent to S$25.1 million.
For the half year, net profit distributable to shareholders jumped 46 percent to S$59.3 million, from S$40.5 million a year ago.
Overall revenue for H1 of the financial year also rose 31 percent to S$294.6 million.
“Revenue recognised from the progressive sales of Foresque Residences and L’VIV as well as the additional units sold in Helios Residences and Belle Vue Residences in Singapore were the main contributors to the higher revenue,” said Wing Tai.
However, six-month operating profit decreased to S$50 million, falling 22 percent from the same period last year, primarily due to a larger cost base.
Fortunately, the group’s share of profits from its joint venture (JV) and associated companies jumped 62 percent to S$50.1 million, with higher profit contributions from Wing Tai Properties Limited in Hong Kong as well as the Ascentia Sky and Floridian projects in Singapore.
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