TODAY'S HEADLINE

WING TAI Q4 PROFIT SLIDES 16%  
Revenue surges 88% to $202.22m; for full 'scal year, pro't dives 35% to $242m

Property and retail group Wing Tai Holdings recorded a 16 per cent year'on'year slide in net pro't to $140.54 million for the fourth quarter ended June 30, 2012, even as revenue surged 88 per cent to $202.22 million.

Earnings per share were 18 cents, down from a restated 21.49 cents in the year'earlier period.

For the full 'scal year, net pro't tumbled 35 per cent to $242.17 million, while revenue fell 17 per cent to $624.88 million, dragged down by lower revenue from its core development business. This was because its Helios Residences had obtained its temporary occupation permit (TOP) in January 2011, and the revenue for all the units sold under the deferred payment scheme had been fully recognised, the group said.

At a press brie'ng yesterday, chairman Cheng Wai Keung said Wing Tai was developing a residential property on a freehold site at 105 and 107 Tampines Road, where Wing Tai's headquarters were formerly located.

The 've'block residential development  '  to be launched early next year  ' will o'er 337 residential units plus one commercial unit, with units ranging from one to four bedrooms. The site spans some 141,539 sq ft in area and has a gross 'oor area of 297,232 sq ft.

Commenting on the notion that Wing Tai's development activities have been on the quiet side, Mr Cheng pointed to the possibility of a correction in the property market, going by the principle of the business cycle.

The group's development properties segment contributed $363.9 million in revenue in FY 2012 while its investment properties business contributed $37.9 million and its retail business, $216.5 million.


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Source: The Business Times

Source: AmFraser