Wing Tai's net profit sinks 98% to $1.88m

Blame it on the lower value gains on investment properties.

Property developer and lifestyle company Wing Tai Holdings Ltd. has posted an overwhelming decline in its net profit for the quarter ending in June 30, 2016, with the amount diving 98% from $116 million in the previous quarter to $1.88 million.

According to the group, the slump is attributable "to the lower fair value gains on investment
properties of Wing Tai Properties Limited in Hong Kong."

For the said quarter, its revenue registered a 35% pullback to $140.7 million.

On a yearly basis, the group's total revenue for the financial year sank 20% from the $676.7 million recorded the previous year to $544.5 million.

The group claimed this was because projects that previously contributed to the group's numbers, Foresque Residences and Helios Residences, did not contribute in the 2016 financial year.

"Revenue for the current year was mainly attributable to the progressive sales recognised from The Tembusu and the additional units sold in Le Nouvel Ardmore in Singapore, The Lakeview in China as well as the contribution from Phase 2 of Jesselton Hills in Penang," the group added.