Property group Wing Tai has reported earnings of $43.6 million for the FY2021 ended June, 2.7 times – or 173% higher – than earnings of $16.0 million in the corresponding period the year before.

Excluding the fair value changes on investment properties, the group’s underlying net profit stood at $116.8 million, 68% higher than the $69.6 million recorded in the FY2020.

Total revenue for the FY2021 stood 24% higher y-o-y to $461.4 million due to higher contribution from development properties. Revenue from development properties was largely attributable to the additional units sold in Le Nouvel Ardmore and the progressive sales recognised from The M at Middle Road.

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