Property developer Wing Tai Holdings has reported a net profit of S$23.2 million for the third quarter ended March 31, up eight percent from the same period in 2009.
Revenue for the quarter rose a hefty 89.6 percent to S$149.54 million, boosted by higher contribution from the development properties division.
According to Wing Tai, profits recognized from units sold in The Riverine by the Park and Belle Vue Residences contributed to the increase in the company’s operating profit.
This also led to a higher net profit of S$91.8 million, an increase of 23 percent during the nine months ended March 31.
Its consolidated revenue for the nine months climbed 91 percent to S$604 million.
Looking forward, the developer said it will continue to focus on releasing more units for sale and marketing new and existing residential projects.