Wing Tai Holdings Q4 profits ballooned 937% to $133.2m

Revenue soared amidst higher contribution from Malaysia and Singapore properties.

Wing Tai Holdings Q4 profits surged 937% YoY to $133.2m from $12.85m, an announcement revealed. Its revenue jumped 80% YoY to $105.78m whilst profit attributable equity holders ballooned 936.59% YoY to $129.8m.

For its financial year ended on 30 June, the firm’s profits skyrocketed 738% YoY to $221.1m from $26.4m. Its revenue saw a 42% YoY increase to $373.2m from $262.2m whilst profit attributable to equity holders surged 988% YoY to $218.8m from $20.12m.

According to the firm, its revenue increase is largely due to the higher contributions from development properties mainly from the additional units sold in Le Nouvel Ardmore in Singapore paired with the contribution from BM Mahkota in Penang.

“BM Mahkota obtained its Temporary Occupation Permit (TOP) in the current year and the revenue for the units sold to date has been fully recognized,” the firm noted.

The firm also said that its share of profits of associated and joint venture companies ballooned 188% YoY to $211.6m from $73.4m, largely backed by the group’s share of gains recognized by Wing Tai Properties in Hong Kong with the selling of the industrial property Winner Godown Building. In addition, contributions from the residential units sold in Malaren Gardens in Shanghai also boosted the segment.

“With the new property cooling measures announced on 5 July 2018, the group expects the private residential property market in Singapore to be subdued,” the firm noted. “The group will continue to look for investment opportunities in Singapore and overseas markets.”