Wing Tai Holdings' profits surged 79% to 32.82m in H1

Contributions from Le Nouvel Ardmore added to the group’s $18m operating profit.

Wing Tai Holdings' profit attributable to its equity holders surged 79% YoY to $32.82m in H1 2019-20, the company announced. Over the same period, revenue declined 5% to $183.5m.

In Q2, revenue fell 10% YoY to $104.19m, whilst profit soared 61% to $25.97m.

The selling of additional units in Le Nouvel Ardmore in Singapore was attributed to the group’s revenue, whilst its contributions added to the group’s operating profit, which hit $18m.

Further, the share of profits from its associated and joint venture companies rose 12% to $35.8m in the first half of the year, largely due to the higher contribution from The Crest in Singapore and the additional units sold in Malaren Gardens in Shanghai.

The group’s net asset value per share as at 31 December 2019 hit $4.17, compared to $4.19 as at 30 June 2019. At the same time, its net gearing ratio was 0.13 times as compared to 0.12 times.