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Wing Tai's 1Q earnings rise nearly eightfold to $8.2 mil

Michelle Zhu
Michelle Zhu10/23/2017 05:35 PM GMT+08  • 2 min read
Wing Tai's 1Q earnings rise nearly eightfold to $8.2 mil
SINGAPORE (Oct 23): Property group Wing Tai Holdings saw its 1Q earnings ended Sept rise nearly eightfold to $8.2 million from $1.1 million a year ago, on the back of disposal gains and higher contributions from overseas associates.
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SINGAPORE (Oct 23): Property group Wing Tai Holdings saw its 1Q earnings ended Sept rise nearly eightfold to $8.2 million from $1.1 million a year ago, on the back of disposal gains and higher contributions from overseas associates.

Revenue for the quarter was down 4% at $67.1 million compared to $70.2 million a year ago, with the bulk of revenue mainly attributable to additional units sold in Le Nouvel Ardmore in Singapore as well as Le Nouvel KLCC and Verticas Residences in Malaysia.

Operating profit in the quarter surged sixfold to $14 million from $2.3 million the previous year, due to contributions from the Malaysia properties as well as a gain on disposal of Wing Tai’s Hua Hai project in Shanghai.

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