WING Tai Holdings said Thursday that its first quarter profit fell 47 per cent to S$32.6 million, from S$61.8 million a year ago as it saw lower profit contributions from associated and joint venture companies. Earnings per share fell to 4.13 Singapore cents, from 8.58 Singapore cents a year ago.
For the three months ended September 30, 2008, Wing Tai saw revenue climb 34 per cent to S$134.3 million, from S$100.2 million in the previous corresponding period. This increase is mainly attributable to the higher contributions from the development properties division, Wing Tai said.Revenue for the current period came largely from the units sold in Helios Residences and The Riverine by the Park in Singapore, and Sering Ukay in Malaysia. Profits recognized from these projects also contributed to the increase in the group's operating profit from S$15.0 million to S$41.1 million, an increase of 174 per cent.
However, Wing Tai's share of profits of associated and joint venture companies fell by 88 per cent to S$7.8 million in Q1 due to the substantially lower profit recognition from the sale of residential units in VisionCrest and USI Holdings.
Looking ahead, demand for properties is expected to slow down with the slower economic growth and weaker market sentiment, Wing Tai said: 'The group will continue to monitor the market closely and will exercise prudent management to ride through these difficult times.'
As at September 30, 2008, Wing Tai's net gearing ratio is 0.4 times and it has no loan maturing in Singapore for the next twelve month, the developer said.
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