mr funny
26-08-10, 01:33
http://www.businesstimes.com.sg/sub/companies/story/0,4574,400805-1282679940,00.html?
Published August 24, 2010
Wing Tai back in the black with $69m Q4 earnings
Property group intends to focus on high-end residential sector
By UMA SHANKARI
PROPERTY group Wing Tai Holdings yesterday reported a return to the black for its fourth quarter ended June 30, 2010.
Net profit for the quarter was $68.9 million, a reversal from the net loss of $53.9 million a year ago.
Revenue for the three- month period was up 17 per cent from a year ago to $222.3 million. This compares to $190.1 million in the previous corresponding quarter.
Earnings per share for Q4 2010 was 8.86 cents. It was negative 6.86 cents a year ago.
Giving his take on the property market in Singapore, chairman Cheng Wai Keung told media and analysts that Wing Tai intends to focus on market segments that offer better prospects over the medium to long term - such as the high-end residential sector.
The mass market (or upgrader market) is riskier as it seems to be at a 'saturation point', he said.
Developers are pushing up land prices with their bids. And since it is risky to hold onto sites for too long in case market sentiment changes, they rush to launch projects on sites they acquire within six to nine months. In the 'old days', the turn-around time was 12-18 months, he said.
'As the market is moving up, it will be very dangerous to chase (for land sites),' Mr Cheng said. 'For the price, we most likely cannot ride over the cycle . . . we feel that the window is six to nine months.'
His company has not been stocking up its landbank as most of the land parcels sold through the government land sales programme have been for the mass market segment.
However, Wing Tai is still interested in sites with good prospects over the longer term, Mr Cheng said.
The group submitted two bids to buy and redevelop a landmark commercial site at City Hall - with the historic Capitol Theatre, Capitol Building and Stamford House on it - at the close of the state tender on Aug 18.
Next up, Wing Tai will launch a new development on the site of the former Anderson 18, which the group is developing through a joint venture with City Developments.
The group also intends to continue selling units in the 176-unit Belle Vue Residences and the 140-unit Helios Residences.
For the full year ended June 30, 2010, Wing Tai's net profit surged to $160.8 million, up 666 per cent from $21 million in 2009. Revenue for the year rose 64 per cent to $821.9 million from $501.8 million.
Wing Tai has declared a dividend of five cents a share for the financial year, comprising a first and final dividend of three cents a share as well as a special dividend of two cents a share.
A year ago, it proposed and paid a first and final dividend of three cents a share on top of a one-cent a share special dividend.
Wing Tai shares lost two cents to close at $1.69 yesterday.
Published August 24, 2010
Wing Tai back in the black with $69m Q4 earnings
Property group intends to focus on high-end residential sector
By UMA SHANKARI
PROPERTY group Wing Tai Holdings yesterday reported a return to the black for its fourth quarter ended June 30, 2010.
Net profit for the quarter was $68.9 million, a reversal from the net loss of $53.9 million a year ago.
Revenue for the three- month period was up 17 per cent from a year ago to $222.3 million. This compares to $190.1 million in the previous corresponding quarter.
Earnings per share for Q4 2010 was 8.86 cents. It was negative 6.86 cents a year ago.
Giving his take on the property market in Singapore, chairman Cheng Wai Keung told media and analysts that Wing Tai intends to focus on market segments that offer better prospects over the medium to long term - such as the high-end residential sector.
The mass market (or upgrader market) is riskier as it seems to be at a 'saturation point', he said.
Developers are pushing up land prices with their bids. And since it is risky to hold onto sites for too long in case market sentiment changes, they rush to launch projects on sites they acquire within six to nine months. In the 'old days', the turn-around time was 12-18 months, he said.
'As the market is moving up, it will be very dangerous to chase (for land sites),' Mr Cheng said. 'For the price, we most likely cannot ride over the cycle . . . we feel that the window is six to nine months.'
His company has not been stocking up its landbank as most of the land parcels sold through the government land sales programme have been for the mass market segment.
However, Wing Tai is still interested in sites with good prospects over the longer term, Mr Cheng said.
The group submitted two bids to buy and redevelop a landmark commercial site at City Hall - with the historic Capitol Theatre, Capitol Building and Stamford House on it - at the close of the state tender on Aug 18.
Next up, Wing Tai will launch a new development on the site of the former Anderson 18, which the group is developing through a joint venture with City Developments.
The group also intends to continue selling units in the 176-unit Belle Vue Residences and the 140-unit Helios Residences.
For the full year ended June 30, 2010, Wing Tai's net profit surged to $160.8 million, up 666 per cent from $21 million in 2009. Revenue for the year rose 64 per cent to $821.9 million from $501.8 million.
Wing Tai has declared a dividend of five cents a share for the financial year, comprising a first and final dividend of three cents a share as well as a special dividend of two cents a share.
A year ago, it proposed and paid a first and final dividend of three cents a share on top of a one-cent a share special dividend.
Wing Tai shares lost two cents to close at $1.69 yesterday.