Kaeden Ong

Wing Tai posts 42% drop in revenue

Posted by Kaeden Ong on 3rd September 2014 in Blog

Wing Tai Holdings’ revenue for the fourth quarter ended in June dived to $179.8 million compared to $307.8 million a year ago, while net profit fell to $143.1 million from $275.8 million previously.

For its full-year results, the group’s revenue slumped to $803.4 million versus $1.33 billion, while earnings dropped to $254.4 million from $531.1 million in FY2013.

“Revenue for the current year was mainly attributable to the progressive sales recognised from Foresque Residences and Le Nouvel Ardmore, additional units sold in Helios Residences and the contribution from L’VIV in Singapore, as well as the additional units sold in Verticas Residences in Malaysia and The Lakeview in China,” said the company in a statement.

Its project L’VIV received the Temporary Occupation Permit (TOP) in the current year and earnings from its sales under the deferred payment scheme was fully recognised.

During the recently concluded financial year, the group also launched The Tembusu, a 337-unit freehold project in Tampines. Currently, around 85 percent of its total units are taken up.

Credits: Property Guru

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