Artist’s impression of The Tembusu condo in Kovan, which is almost fully sold.
Property developer Wing Tai Holdings saw its net profit for the financial year ended 30 June 2016 plunge by 95 percent year-on-year to $59.4 million, while revenue dropped by 20 percent on year to $544.5 million.
The group’s earnings were attributed to the progressive sales recognised from The Tembusu and the additional units sold in Le Nouvel Ardmore, The Lakeview in China, as well as contributions from phase two of Jesselton Hills in Penang.
Wing Tai’s share of profits of associated and joint venture companies also dived by 50 percent to $59.4 million due to lower contributions from its Hong Kong associate.
On a quarterly basis, the group’s net profit plummeted by 98 percent to $1.88 million in the fourth quarter ended 30 June 2016, while revenue slid by 35 percent to $140.69 million.
Share of profits of associated and joint-venture companies dropped by 69 percent to $29.88 million.
With this, earnings per share fell to 0.24 Singapore cent in Q4, or 0.91 Singapore cent for the financial year.
Despite this, Wing Tai still recommended a first and final dividend of three Singapore cents per share and a special dividend of the same amount.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
