Wing Tai Holdings said that Q1 net profit rose 42 per cent to S$46.3 million, from S$32.6 million a year ago as a result of the higher operating profit achieved.
Revenue for the three months ended September 30, 2009 rose to S$277.2 million from S$134.3 million in the same three months last year.
This increase of 106 per cent in revenue is mainly due to the higher contributions from the development properties division as more units were sold in the current quarter, the company said. These include units sold in Belle Vue Residences and the progressive sales recognized from The Riverine by the Park in Singapore.
The property group’s net gearing ratio was reduced to 0.48 times as at September 30 2009, as compared to 0.51 times as at June 30.
Source: Business Times, 28 Oct 2009