Wing Tai doubles Q1 profit to S$61.8m

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Higher contributions from two condominium projects in Singapore have helped Wing Tai to double its first quarter profit.

For the three months to September, the property developer booked earnings of S$61.8 million, despite a 39 percent fall in revenue to S$100 million.

Wing Tai is planning to put several new residential projects in Singapore on the market in the next few months.

It says it will continue to position itself to ride on the positive sentiment in the Singapore property market and expand its business activities overseas.

Towards this goal, it signed a memorandum of understanding to develop a real estate project in Chengdu last month.

This will be the developer's first property project in China.

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