reporter2
14-02-12, 17:49
http://www.businesstimes.com.sg/sub/companies/story/0,4574,477622,00.html?
Published February 14, 2012
Wing Tai Q2 net up a notch
By MICHELLE TAN
WING Tai Holdings posted a net profit of $34.2 million for the second quarter ended Dec 31, 2011, up a slight one per cent from the restated $33.9 million a year ago.
The group's Q2 revenue rose 18 per cent year-on-year to $185.6 million on the back of more units being sold as well as increased recognition from the progressive sales of certain developments.
However, operating profit fell 41 per cent over the same period to $33.2 million from $56.3 million as cost of sales shot up 47 per cent to $104.1 million. Distribution expenses climbed 13 per cent to $25.1 million.
For the half year, the group's net profit attributable to shareholders climbed 46 per cent to $59.3 million from $40.5 million a year back.
Overall revenue for the first six months of the fiscal year was also up 31 per cent at $294.6 million. 'Revenue recognised from the progressive sales of Foresque Residences and L'VIV as well as the additional units sold in Helios Residences and Belle Vue Residences in Singapore were the main contributors to the higher revenue,' said Wing Tai.
But six-month operating profit fell to $50 million, declining 22 per cent from the same period last year, due to a higher cost base.
Fortunately, the group's share of profits of associated and joint-venture companies increased by 62 per cent to $50.1 million, bolstering the bottom line, following higher contributions from The Floridian and Ascentia Sky by Tanglin projects in Singapore as well as Wing Tai Properties Limited in Hong Kong.
Wing Tai also said the group's net gearing ratio has been reduced from 0.36 times as at end-June 2011 to 0.26 times as at end-December 2011.
Earnings per share for the second quarter and half year came in at 4.38 cents and 7.60 cents respectively.
'...the property market is consolidating. The group will keep a close watch on it and will at the appropriate times release more residential units for sale in the current year,' said Wing Tai.
The counter closed one cent lower yesterday at $1.285.
Published February 14, 2012
Wing Tai Q2 net up a notch
By MICHELLE TAN
WING Tai Holdings posted a net profit of $34.2 million for the second quarter ended Dec 31, 2011, up a slight one per cent from the restated $33.9 million a year ago.
The group's Q2 revenue rose 18 per cent year-on-year to $185.6 million on the back of more units being sold as well as increased recognition from the progressive sales of certain developments.
However, operating profit fell 41 per cent over the same period to $33.2 million from $56.3 million as cost of sales shot up 47 per cent to $104.1 million. Distribution expenses climbed 13 per cent to $25.1 million.
For the half year, the group's net profit attributable to shareholders climbed 46 per cent to $59.3 million from $40.5 million a year back.
Overall revenue for the first six months of the fiscal year was also up 31 per cent at $294.6 million. 'Revenue recognised from the progressive sales of Foresque Residences and L'VIV as well as the additional units sold in Helios Residences and Belle Vue Residences in Singapore were the main contributors to the higher revenue,' said Wing Tai.
But six-month operating profit fell to $50 million, declining 22 per cent from the same period last year, due to a higher cost base.
Fortunately, the group's share of profits of associated and joint-venture companies increased by 62 per cent to $50.1 million, bolstering the bottom line, following higher contributions from The Floridian and Ascentia Sky by Tanglin projects in Singapore as well as Wing Tai Properties Limited in Hong Kong.
Wing Tai also said the group's net gearing ratio has been reduced from 0.36 times as at end-June 2011 to 0.26 times as at end-December 2011.
Earnings per share for the second quarter and half year came in at 4.38 cents and 7.60 cents respectively.
'...the property market is consolidating. The group will keep a close watch on it and will at the appropriate times release more residential units for sale in the current year,' said Wing Tai.
The counter closed one cent lower yesterday at $1.285.