Wing Tai profit cascades by 41% to $150.3m

Underperforming developments and properties caused the tumble.

A sickly residential property market has taken its toll on Wing Tai. Contributions from its development segment caused the earnings of the property and lifestyle company to slump.

Profits also weakened from Wing Tai Properties in Hong Kong, adding salt to the wound.

"Adjusting for a S$21.0m gain on disposal of a subsidiary, core FY15 PATMI constituted 122% of our full year forecast which is somewhat above expectations due to the lumpy nature of progress recognition," a report from OCBC said.

“FY15 revenues fell 16% YoY to S$676.7m again mainly because of softer contributions from property development (down 21% YoY to S$430.2m) and retail (down 7% YoY to S$199.0m),” the report added.