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Wing Tai FY19 earnings down 79% to $46.8 million on lower revenue and contributions from development properties

Uma Devi
Uma Devi8/27/2019 5:58 PM GMT+08  • 2 min read
Wing Tai FY19 earnings down 79% to $46.8 million on lower revenue and contributions from development properties
SINGAPORE (Aug 27): Property group Wing Tai holdings reported FY19 earnings of $46.8 million, down 79% from $225.2 million recorded at the end of FY18.
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SINGAPORE (Aug 27): Property group Wing Tai holdings reported FY19 earnings of $46.8 million, down 79% from $225.2 million recorded at the end of FY18.

Group revenue for the year fell 10% to $322.6 million from $360.4 million the preceding year, due primarily to lower contributions from development properties. FY19 revenue was bolstered by the additional units sold in Le Nouvel Ardmore in Singapore and the increase in property sales in Malaysia.

In line with the above, gross profit for the year fell 20% to $147.8 million from $183.7 million the previous year.

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