Developer Wing Tai Holdings says net profit attributable to shareholders for the half year ended Dec 31 2009 increased 28% to $68.7 million from $53.5 million in the current period as a result of the higher operating profit achieved.

Group revenue increased by 101% to $454.3 million from $226.3 million a year ago.

This increase is mainly due to the higher contributions from the development properties division as more units were sold in the current period, which included units sold in Belle Vue Residences and the progressive sales recognised from The Riverine by the Park in Singapore.

Profits recognised from the above projects also contributed to the increase in the group’s operating profit from $56.6 million to $126 million, an increase of 123%.

The group’s share of profits of associated and joint venture companies however decreased from $25.8 million to $13.3 million in the current period, largely due to the lower contribution from USI Holdings in Hong Kong.

The group’s net gearing ratio was 0.5 times as at Dec 31 2009.