mr funny
15-05-10, 01:21
http://www.businesstimes.com.sg/sub/companies/story/0,4574,385799,00.html?
Published May 14, 2010
Wing Tai reports 8% increase in Q3 profit
Net profit of $23m; revenue up 67% y-o-y to $150m in period ended March
By KALPANA RASHIWALA
PROPERTY developer Wing Tai Holdings, controlled by the Cheng family, has posted net profit of $23.2 million for the third quarter ended March 31, 2010, an increase of 8 per cent from the same period last year. Revenue rose 67 per cent year on year to $149.6 million.
Operating profit rose 14 per cent to $39.9 million. Wing Tai's bottom line was also boosted by a $5.7 million share of profit of associated and joint venture companies for the quarter just ended, against a $2.5 million loss from this source in the same year-ago period.
For the nine months ended March 31, 2010, Wing Tai's net profit improved 23 per cent against the same year-ago period to $91.8 million.
Revenue surged 91 per cent to $603.9 million; Wing Tai attributed this mainly to higher contributions from the development properties division as more homes were sold in the current period, including units sold in Belle Vue Residences and The Riverine by the Park in Singapore which were progressively recognised.
Earnings booked from these projects also contributed to the higher bottom line.
Wing Tai's earnings per share rose from 2.74 cents in Q3 FY2009 to 2.98 cents in Q3 FY2010. Nine month EPS rose from 9.54 cents to 11.81 cents. Group net asset value per share stood at $2.09 as at end-March 2010, compared with $2.03 at end-June 2009. On the stockmarket yesterday, Wing Tai closed two cents higher at $1.76.
'As at March 31, 2010, the group's net gearing ratio remained unchanged at 0.5 time,' Wing Tai said in its result statement.
The group launched L'VIV at Newton Road earlier this year. To date, about 80 per cent of the 110 units released have been sold. The freehold project has a total of 147 units.
Published May 14, 2010
Wing Tai reports 8% increase in Q3 profit
Net profit of $23m; revenue up 67% y-o-y to $150m in period ended March
By KALPANA RASHIWALA
PROPERTY developer Wing Tai Holdings, controlled by the Cheng family, has posted net profit of $23.2 million for the third quarter ended March 31, 2010, an increase of 8 per cent from the same period last year. Revenue rose 67 per cent year on year to $149.6 million.
Operating profit rose 14 per cent to $39.9 million. Wing Tai's bottom line was also boosted by a $5.7 million share of profit of associated and joint venture companies for the quarter just ended, against a $2.5 million loss from this source in the same year-ago period.
For the nine months ended March 31, 2010, Wing Tai's net profit improved 23 per cent against the same year-ago period to $91.8 million.
Revenue surged 91 per cent to $603.9 million; Wing Tai attributed this mainly to higher contributions from the development properties division as more homes were sold in the current period, including units sold in Belle Vue Residences and The Riverine by the Park in Singapore which were progressively recognised.
Earnings booked from these projects also contributed to the higher bottom line.
Wing Tai's earnings per share rose from 2.74 cents in Q3 FY2009 to 2.98 cents in Q3 FY2010. Nine month EPS rose from 9.54 cents to 11.81 cents. Group net asset value per share stood at $2.09 as at end-March 2010, compared with $2.03 at end-June 2009. On the stockmarket yesterday, Wing Tai closed two cents higher at $1.76.
'As at March 31, 2010, the group's net gearing ratio remained unchanged at 0.5 time,' Wing Tai said in its result statement.
The group launched L'VIV at Newton Road earlier this year. To date, about 80 per cent of the 110 units released have been sold. The freehold project has a total of 147 units.