Wing Tai Holdings posts Q4 results

Property group Wing Tai Holdings Limited has announced that its net profit in the fourth quarter that ended 30 June 2010 was S$68.92 million, recovering from a loss of S$53.88 million in the previous year.

Revenue in the fourth quarter edged up 17 percent to S$222.35 million from S$ 190.08 million over the same period last year.

Meanwhile, net profit for the full fiscal year increased to S$160.75 million from last year’s S$20.98 million, while revenue jumped 64 percent to S$821.85 million year-on-year.

Wing Tai’s positive revenue for the year was largely attributed to the higher contributions from projects like Belle Vue Residences, as well as good sales recognitions from The Riverine by the Park in Singapore.

The company’s operating profit increased 620 percent to S$254.4 million from S$35.3 million in the previous year. This includes fair value gains on investment properties of S$5.1 million.

Additionally, the company’s share of profits of joint venture companies rose to S$27.5 million from last year’s S$14.9 million, mainly due to the shares of progressive profit recognitions from developments like The Floridian.