SINGAPORE (May 10): Property group Wing Tai Holdings reported an eightfold surge in 9M earnings ended March to $89 million from $10.6 million a year ago.
The group recorded 9M total revenue of $267.5 million, 31% higher than the $204.6 million recorded a year ago. This increase is largely due to the higher contributions from development properties.
The current period revenue from development properties was mainly attributable to the additional units sold in Le Nouvel Ardmore in Singapore and the contribution from BM Mahkota in Penang. BM Mahkota obtained its Temporary Occupation Permit (TOP) in the current period and the revenue for the units sold has been fully recognised.