by Cheryl Tay
Singapore property and lifestyle company Wing Tai Holdings has announced that its net profit for the third quarter ended 31 March 2012 slipped 74 percent to S$42.35 million, while revenue dropped 69 percent to S$128 million.
Gross revenue for the quarter also declined 73 percent to S$66.46 million, while operating profit plunged 85 percent to S$30.14 million. However, the share of profits from joint-venture (JV) and associated companies jumped 80 percent to S$32.28 million.
For the nine months ended 31 March, the company’s net profit dropped 50 percent to S$101.64 million, underpinned by lower revenue at S$422.7 million, down 34 percent year-on-year.
Wing Tai said revenue from development properties mostly came from the additional units sold in Belle Vue Residences and Helios Residences (pictured), as well as the progressive sales recognised from L’VIV and Foresque Residences.
Operating profit for the nine-month period fell 70 percent to S$80.1 million on the back of lower contributions from development properties. Meanwhile, the share of profits of joint-venture (JV) and associated companies rose 69 percent to S$82.4 million, attributed to higher contributions from Ascentia Sky and Floridian, as well Wing Tai Properties’ shares in Hong Kong.
“With the imposition of the additional buyer’s stamp duty in December 2011, the luxury and high-end property market appears to be consolidating. The group will continue to keep a close watch on the property market,” it said.
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