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16-05-13, 16:37
http://www.businesstimes.com.sg/archive/tuesday/premium/companies/others/wing-tais-q3-profit-more-doubles-20130514
Published May 14, 2013
Wing Tai's Q3 profit more than doubles
By Kalpana Rashiwala
PROPERTY group Wing Tai's net profit more than doubled to $94.6 million for the third quarter ended March 31, 2013, from $42.3 million a year earlier.
Revenue more than trebled to $455.8 million from $128.1 million previously.
For the first nine months, net profit surged to $255.3 million from $101.6 million previously. Revenue more than doubled to a record $1.02 billion from $422.7 million a year ago. This was due mainly to progressive sales recognised from Foresque Residences in Petir Road and L'VIV in Newton Road, additional units sold in Helios Residences in the Cairnhill area and Belle Vue Residences (these four projects are in Singapore), as well as contribution from Verticas Residences in Kuala Lumpur.
Verticas obtained Temporary Occupation Permit (TOP) during Q3 ended March 31, 2013, and the revenue for all the units sold in the project as at end-March was fully recognised.
Helios Residences obtained TOP in January 2011, and Belle Vue in May 2010.
The group is expected to release around July/August a 337-unit freehold condo project on its former headquarters site at 105/107 Tampines Road. Named The Tembusu, the project is about 400 metres from Kovan MRT Station and is designed by Arc Studio Architecture + Urbanism. It will have one to four-bedroom apartments, dual-key units and penthouses. Unit sizes will range from 474-3,886 sq ft.
Wing Tai is also expected to launch later this year a 99-year condo in Prince Charles Crescent. The joint development with Metro and UE E&C is being designed by Japanese architect Toyo Ito, this year's Pritzker laureate.
For Q3, the group's share of profits of associated and joint-venture companies fell 54 per cent to $14.8 million. For the first nine months, the contribution, however, rose 15 per cent to $94.4 million - largely due to a higher share of profit from Wing Tai Properties Limited in Hong Kong, although this was partly offset by a lower contribution from The Floridian project in Singapore, which was completed in March 2012.
The group said its net gearing ratio remained at 0.17 time as at end-March 2013. Cash and cash equivalents grew to nearly $1.07 billion at end-March 2013 from $848.7 million at end-June 2012.
Earnings per share for Q3 jumped to 12.07 cents from 5.42 cents previously. For the first nine months, EPS increased from 13.02 cents to 32.60 cents.
Wing Tai's net asset value per share stood at $3.10 at end-March 2013, up from $2.85 at end-June 2012. On the stock market yesterday, the counter ended three cents higher at $2.30. The group released its results after the market close.
In the Ardmore Park/ Anderson Road locale, Wing Tai is expected to obtain TOP for two projects next year - the 156-unit Nouvel 18 (a tie-up with City Developments) and the 43-unit Le Nouvel Ardmore. Two units in the latter project have been sold at $4,300-4,400 psf, while none of Nouvel 18's units has been sold.
Published May 14, 2013
Wing Tai's Q3 profit more than doubles
By Kalpana Rashiwala
PROPERTY group Wing Tai's net profit more than doubled to $94.6 million for the third quarter ended March 31, 2013, from $42.3 million a year earlier.
Revenue more than trebled to $455.8 million from $128.1 million previously.
For the first nine months, net profit surged to $255.3 million from $101.6 million previously. Revenue more than doubled to a record $1.02 billion from $422.7 million a year ago. This was due mainly to progressive sales recognised from Foresque Residences in Petir Road and L'VIV in Newton Road, additional units sold in Helios Residences in the Cairnhill area and Belle Vue Residences (these four projects are in Singapore), as well as contribution from Verticas Residences in Kuala Lumpur.
Verticas obtained Temporary Occupation Permit (TOP) during Q3 ended March 31, 2013, and the revenue for all the units sold in the project as at end-March was fully recognised.
Helios Residences obtained TOP in January 2011, and Belle Vue in May 2010.
The group is expected to release around July/August a 337-unit freehold condo project on its former headquarters site at 105/107 Tampines Road. Named The Tembusu, the project is about 400 metres from Kovan MRT Station and is designed by Arc Studio Architecture + Urbanism. It will have one to four-bedroom apartments, dual-key units and penthouses. Unit sizes will range from 474-3,886 sq ft.
Wing Tai is also expected to launch later this year a 99-year condo in Prince Charles Crescent. The joint development with Metro and UE E&C is being designed by Japanese architect Toyo Ito, this year's Pritzker laureate.
For Q3, the group's share of profits of associated and joint-venture companies fell 54 per cent to $14.8 million. For the first nine months, the contribution, however, rose 15 per cent to $94.4 million - largely due to a higher share of profit from Wing Tai Properties Limited in Hong Kong, although this was partly offset by a lower contribution from The Floridian project in Singapore, which was completed in March 2012.
The group said its net gearing ratio remained at 0.17 time as at end-March 2013. Cash and cash equivalents grew to nearly $1.07 billion at end-March 2013 from $848.7 million at end-June 2012.
Earnings per share for Q3 jumped to 12.07 cents from 5.42 cents previously. For the first nine months, EPS increased from 13.02 cents to 32.60 cents.
Wing Tai's net asset value per share stood at $3.10 at end-March 2013, up from $2.85 at end-June 2012. On the stock market yesterday, the counter ended three cents higher at $2.30. The group released its results after the market close.
In the Ardmore Park/ Anderson Road locale, Wing Tai is expected to obtain TOP for two projects next year - the 156-unit Nouvel 18 (a tie-up with City Developments) and the 43-unit Le Nouvel Ardmore. Two units in the latter project have been sold at $4,300-4,400 psf, while none of Nouvel 18's units has been sold.