Revenue from development properties was mainly attributable to the additional units sold in Le Nouvel Ardmore in Singapore, Le Nouvel KLCC in Kuala Lumpur as well as the contribution from BM Mahkota in Penang. BM Mahkota obtained its Temporary Occupation Permit (TOP) in November 2017 and the revenue for the units sold has been fully recognised in the current period.
In line with the higher revenue, the group recorded operating profit of $17.8 million in 1H17 as compared to operating loss of $0.9 million last year. As a result, 1H earnings increased to $20.8 million from $3.2 million.
As at Dec 31, 2017, the group’s net asset value per share as at Dec 31, 2017 was $4.01 as compared to $4.07.
In its outlook, Wing Tai says it will continue to look for investment opportunities in Singapore and overseas markets. It will also release more residential units for sale in the current year.
Shares in Wing Tai closed 1 cent lower at $2.13 on Monday.
