Wing Tai Holdings has reported earnings of $63.3 million for its 1HFY2023 ended December, 18% higher than the previous corresponding period.
This is mainly due to higher share profits from its joint venture (JV) companies as well as a write-back of deferred tax provisions that is no longer required.
Earnings per share stood at 7.88 cents and 7.87 cents on a basic and diluted basis respectively.
Wing Tai’s share of profits from associated and JV companies was $33.4 million in 1HFY2023, 55% higher y-o-y on the back of higher contributions from Uniqlo in Singapore and Malaysia.
Total revenue stood at $260.8 million, representing a 15% decrease from the $306.6 million revenue recorded for the 1HFY2022. This is due to lower contribution from development properties. The revenue from the current period was largely attributable to the last unit sold in Le Nouvel Ardmore and the progressive sales recognised from The M at Middle Road.
Wing Tai’s net asset value per share as at Dec 31, 2022 was $4.26, while gearing ratio stood at 0.08 times.
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In its outlook statement, Wing Tai says it expects interest rates and inflation to be two main factors affecting the buying sentiment for private residential property in Singapore. It will monitor the market closely and will launch a new residential project as well as release more residential units for sales at appropriate times.
Shares in Wing Tai closed 1 cent lower or 0.6% down on Feb 9 at $1.52.
