SINGAPORE (May 10): Regional property and lifestyle group Wing Tai Holdings saw its earnings plunge 85% to $10.1 million for the 3Q19 ended March, from $69.0 million a year ago.

On a fully diluted basis, earnings per share (EPS) fell to 1.12 cents in 3Q19, from 8.70 cents in 3Q18.

The decline was largely due to lower share of profits of associated and joint venture companies, which dropped 85% to $10.5 million in 3Q19, from $72.4 million a year ago.

3Q19 revenue fell 9% to $65.3 million, from $72.1 million a year ago.

Gross profit dipped 3% to $35.7 million in 3Q19, as cost of sales fell 16% to $29.6 million during the quarter.

As at end March, cash and cash equivalents stood at $639.8 million.

Looking ahead, the group says it plans to develop an 80,327 sq ft land parcel at Middle Road into a residential development with commercial uses at the first storey.

Wing Tai had won the tender for the 99-year leasehold land parcel in April this year.

In addition, it says it will continue to look for investment opportunities in Singapore and overseas markets.

Shares in Wing Tai closed 0.5% lower at $2.02 on Friday.