Property group Wing Tai Holdings has reported earnings of $53.8 million for the 1HFY2021 ended December, 5% lower than earnings of $56.8 million in the corresponding period the year before.

1HFY2021 earnings per share (EPS) stood at 6.16 cents on a diluted basis, down from the EPS of 6.53 cents in the 1HFY2020.

Revenue for the half-year period increased 26% y-o-y to $306.6 million due mainly to the higher contribution from development properties. Revenue for the current period was largely attributable to the additional units sold in Le Nouvel Ardmore and the progressive sales recognised from The M at Middle Road in Singapore.

That said, cost of sales for the 1HFY2021 increased 46% y-o-y to $209.3 million, resulting in a gross profit of $97.3 million, down 3% y-o-y.

The group’s operating profit inched up slightly to $51.0 million from the $50.5 million in the year before, due to higher contribution from the development properties.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/ntuc-income-reports-premium-growth-fy2021-lower-net-operating-surplus-fair-value?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>NTUC Income reports premium growth for FY2021 but lower net operating surplus on fair value loss</a>

Share of profits of associated and joint venture companies fell 44% y-o-y to $21.5 million due to the lower contribution from Wing Tai Properties Limited in Hong Kong.

As at Dec 30, 2021, the group’s net asset value (NAV) per share was $4.18, compared to its NAV of $4.14 as at June 30, 2021.

Cash and cash equivalents as at Dec 30, 2021, stood at $713.8 million.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/capital/results/serial-system-reports-lower-1qfy2022-earnings-allowance-obsolete-stocks?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Serial System reports lower 1QFY2022 earnings on allowance for obsolete stocks</a>

In its outlook statement, the group expects buying sentiment for private residential properties in Singapore to weaken in the FY2022 on the back of the property cooling measures introduced in December 2021.

“The group will closely monitor the property market,” reads the statement put out on Feb 10.

Shares in Wing Tai closed flat at $1.80 on Feb 10.

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