Wing Tai’s full-year earnings plunge 95% to $7.1 mil

SINGAPORE (Aug 22): Property group Wing Tai Holdings posted FY16 earnings of $7.08 million for the year ended 30 June, 95% down from $150.3 million in FY15 on lower operating profit and lower fair value gains.

Operating profit dropped 73% to $27.5 milliona from $103.3 million a year ago.

Full-year revenue fell 20% to $544.5 million from $676.7 million. Revenue for FY16 was mainly attributable to progressive sales recognised from The Tembusu; additional units sold in Le Nouvel Ardmore in Singapore; The Lakeview in China; as well as contributions from Phase 2 of Jesselton Hills in Penang.

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