SINGAPORE (Aug 28): Wing Tai Holdings announced earnings of $218.8 million for FY18, up nearly 11-fold from its full year earnings of $20.1 million a year ago, due to higher revenue as well as increased share of profits of associated and joint venture (JV) companies.

For the 4Q ended June, the group announced earnings of $129.8 million compared to $9.5 million a year ago.

Revenue for the full year grew 42% to $373.2 million due to higher contributions from development properties, driven mainly by the sale of additional units sold in Le Nouvel Ardmore in Singapore along with contributions from BM Mahkota in Penang, which obtained its Temporary Occupation Permit (TOP) in the financial year under review.

To date, revenue for the units sold in BM Mahkota has been fully recognised.

Share of profits of associated and JV companies grew to $211.6 million from $73.4 million in FY17, mainly attributable to the group’s share of gains recognised by Wing Tai Properties in Hong Kong from the disposal of Winner Godown Building and W Square.

Further, contributions were recognised from the sale of residential units in Malaren Gardens in Shanghai, China.

As at end-June, the group’s net asset value (NAV) per share was $4.31 compared to $4.07 in the same period a year ago.

A first and final dividend of 3 cents per share, as well as a special dividend of 5 cents per share, have been declared.

Going forward, Wing Tai expects Singapore’s latest round of property cooling measures to result in a subdued private residential property market. The group says it will continue to look for investment opportunities in Singapore and overseas markets.

Shares in Wing Tai closed 2 cents lower at $2 on Tuesday.

Wing Tai's FY18 earnings surge 11-fold to $218.8 mil on higher property-related gains

Qarbotech named winner of inaugural EQT Impact Challenge

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Wing Tai's FY18 earnings surge 11-fold to $218.8 mil on higher property-related gains

Related News

Highlights

Qarbotech named winner of inaugural EQT Impact Challenge

Related News

Is your retail brand everything, everywhere, all at once?

SIA Engineering posts 1HFY2024 earnings of $59.3 mil, up 82.5% y-o-y

KIT announces special distribution of 2.23 cents per unit, bringing total 9MFY2023 DPU to 5.23 cents per unit