Business Times: Fri, Oct 28
WING Tai Holdings posted group net profit of $25.1 million for the first quarter ended Sept 30, 2011, 3.81 times that of $6.58 million for the same year-ago period. Revenue climbed 59 per cent to $108.97 million.
The group said that revenue from development properties for the latest quarter ended Sept 30, 2011, was mainly attributable to the additional units sold in Helios Residences at Cairnhill Circle and the progressive sales recognised from L'VIV in the Newton area in Singapore.
Profits recognised from these projects also contributed to the 125 per cent year-on-year increase in the group's operating profit to $16.7 million for the first quarter.
The group's share of profits of associated and joint-venture companies increased 71 per cent year on year to $24.7 million in the first quarter - on the back of higher contributions from the Floridian condo project in Singapore's Bukit Timah area and Wing Tai Properties Ltd in Hong Kong.
Wing Tai also said the group's net gearing ratio has been reduced from 0.36 time as at end-June 2011 to 0.24 time as at end-September 2011.
Cash and cash equivalents - comprising fixed deposits, cash and bank balances - rose from a restated figure of $575.7 million as at end-September 2010 to $700.2 million as at end-September 2011.
The increase is attributable mainly to cash received from the sale of residential property units, the property and retail group said in its results statement, which was released after the close of stockmarket trading yesterday.
Earnings per share climbed from 0.85 cent for Q1 ended September 2010 to 3.22 cents for Q1 ended September 2011. Net asset value per share rose from $2.43 as at end-June 2011 to $2.49 as at end-September 2011.
'The group will watch the property market closely and will, depending on market sentiment, release more residential units for sale in the current financial year,' it added.
Wing Tai closed 5 cents higher at $1.29 on the stock market yesterday.
In addition to its property business, Wing Tai is involved in the retail business. Its portfolio of popular retail brands includes Miss Selfridge, Topshop and Topman, Uniqlo, Dorothy Perkins, Warehouse and G2000.
Martin Koh/ Sherry Tang