Wing Tai Holdings has announced that its net profit climbed 3.81 times to S$25.1 million in the first quarter, from S$6.58 million over the same period last year.

Meanwhile, Q1 revenue jumped 59 percent to S$108.97 million, boosted by the additional number of units sold at Helios Residences at Cairnhill Circle and the progressive sales at L’VIV in Newton.

The company said its share of profits from joint ventures (JVs) and associated companies surged 71 percent to S$24.7 million in Q1, mainly attributed to higher contributions from the Floridian condo project in Bukit Timah and its Hong Kong unit.  

Furthermore, cash and cash equivalents, which comprise fixed deposits, cash and bank balances, increased to S$700.2 million as of end-September 2011, from S$575.7 million over the same period last year. This was due to cash earned from the sale of residential property units.

Looking forward, the company said it “will watch the property market closely and will, depending on market sentiment, release more residential units for sale in the current financial year.”

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