Wing Tai’s 1Q17 earnings fall 48% to $1.1 mil

SINGAPORE (Oct 27): Property group Wing Tai Holdings has posted a 48% drop in earnings to $1.1 million for 1Q17, on the back of a 59% decrease in revenue to $70.2 million.

The decrease was mainly attributed to lower contribution from its development properties division, with 1Q17 revenue mainly coming from progressive sales recognised from The Tembusu.

Share of profits of associates and joint venture companies also fell 21% to $5.8 million due to lower contributions from Wing Tai’s Hong Kong unit.

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