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Published October 26, 2010

Wing Tai Q1 net profit down 35%

By EMILYN YAP


WING Tai Holdings yesterday posted a net profit of $30.2 million for the first quarter ended Sept 30 - down 35 per cent from a year ago.

Earnings per share was 3.88 cents, falling 35 per cent from 5.96 cents last year.

The bottom line shrank as revenue slid 52 per cent year-on-year to $131 million.

Wing Tai did not explain in its financial statements why total Q1 revenue was lower. But it said that revenue on development properties in Q1 came mainly from progressive sales recognised from Helios Residences in Singapore.

Wing Tai indicates on its website that it has three other projects in Singapore up for sale - Ascentia Sky, L'VIV and Belle Vue Residences.

It officially launched the 176-unit Belle Vue Residences at Oxley Walk recently, and some 65 per cent of the apartments have been sold.

'The group will continue to keep a close watch on the property market and will at the appropriate times release more residential units for sale in the current financial year,' Wing Tai said.

According to the website, Wing Tai has two upcoming residential developments in Singapore - Le Nouvel Ardmore and the former Anderson 18 site. Both are freehold projects near Orchard Road.

Early this month, Wing Tai added a site to its land bank by winning the tender for a 99-year leasehold residential plot at Petir Road, with a bid of $177.4 million.

As at Sept 30, the group's net asset value per ordinary share was $2.18, unchanged from June 30.

Cash and cash equivalents as at Sept 30 stood at $575.7 million. The group's net gearing ratio was 0.45.

Wing Tai gained one cent yesterday to close at $1.79.