Source : Straits Times - 7 Feb 2009
MAINBOARD-LISTED Wing Tai Holdings yesterday reported a 52 per cent year-on-year slide in second-quarter net profits to $20.9 million.
The property group said that in the light of the challenging market conditions this year, it will ‘defer the construction of those residential projects where the construction contracts have yet to be awarded’.
The company blamed the profit slump in the period ended Dec 31 on a significant fall in contributions from associated and joint-venture companies, most notably the VisionCrest project.
Revenue for the second quarter fell 17 per cent to $92 million but revenue for the half-year ended Dec 31 rose 7 per cent to $226.3 million - a result the group attributed to the ‘higher contributions from the development properties division’.
‘Revenue for the current period came largely from the units sold in Helios Residences, The Riverine by the Park and Belle Vue Residences in Singapore, and Sering Ukay in Malaysia,’ said a group statement.
Wing Tai’s net profits for the half- year still slipped, however, by 49 per cent to $53.5 million.
Earnings per share for the quarter dropped to 6.8 cents from 14.39 cents previously. Net asset value per share as at Dec 31, 2008 rose by one cent to $2.04.
Also as at Dec 31, the group’s net gearing ratio - that is, debt to assets - rose to 0.47, from 0.4 as at June 30.
The increase in borrowings, said the group, is attributable to the drawdown of additional loans for development projects and working capital.
Home sales in Singapore fell sharply from 14,811 units in 2007 to 4,264 units last year, and Wing Tai said it ‘will continue to monitor the market closely’.
The firm has also said that it will persevere in the trying months ahead and continue to make the most of its extensive business networks and knowledge in its overseas markets.
The company said it intends to maintain a long-term presence in Malaysia through its listed subsidiary DNP Holdings, as well as develop its China real estate joint venture to take part in opportunities in the growing China market.
The group also has a retail arm, which distributes popular international brands here, such as Topshop and Miss Selfridge.
In April, Wing Tai will open South-east Asia’s first store for Japanese casual wear giant Uniqlo here, in suburban mall Tampines 1.
It will open a second store in upcoming Orchard Road mall Ion Orchard in June.
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