Property group Wing Tai Holdings reported earnings of $56.8 million for the 1HFY2020 ended December, 73% higher than earnings of $32.8 million from the year before.

Group revenue for the period rose 33% y-o-y to $243.4 million due to the additional units sold in Le Nouvel Ardmore and the progressive sales recognised from The M at Middle Road.

Cost of sales rose 60% y-o-y to $143.5 million.

Accordingly, gross profit rose 7% y-o-y to $99.9 million.

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1HFY2020 net profit before income tax surged 83.0% y-o-y to $72.3 million mainly due to the higher contribution from Wing Tai’s development properties.

Share of profits of associated and joint venture companies grew 8% y-o-y to $38.5 million. No further explanation was given in the statement.

The group’s operating profit rose 180% y-o-y to $50.5 million.

Earnings per share (EPS) for the period came in at 6.53 cents on a fully diluted basis, compared to EPS of 3.42 cents in the corresponding period last year.

1HFY2020 net asset value (NAV) per share stood at $4.15 as at Dec 31, 2020, compared to $4.18 as at June 30, 2020.

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As at Dec 31, 2020, cash and cash equivalents stood at $786.5 million.

In a Feb 3 statement, the group says its results are in line with the prospect statement released previously for the FY ended June 30, 2020.

Looking forward, the group expects buying sentiment for residential properties to remain “stable”.

No dividend has been recommended for the period.

Shares in Wing Tai closed 2 cents higher or 1.1% up at $1.90 on Feb 3.