Wing Tai Holdings profit surges to $8.19m in Q1

It sold more units in Le Nouvel Ardmore and other properties.

Wing Tai Holdings' profit surged 676% YoY from $1.06m to $8.19m in Q1.

According to its financial statement, cost of sales fell by 12% YoY to $34.11m, whilst revenue dipped by 4% YoY to $67.13m.

Operating profit also surged by 507% to $13.97m. Wing Tai benefited from the gain on the disposal of Huai Hai project in Shanghai.

The current quarter revenue from development properties was mainly attributable to the additional units sold in Le Nouvel Ardmore in Singapore, Le Nouvel KLCC and Verticas Residences in Malaysia.

The share of profits of associated and joint venture companies also rose by 17% YoY to $6.7m largely due to the higher contribution from Wing Tai Properties Limited in Hong Kong.