KUALA LUMPUR (May 14): Wing Tai Malaysia Bhd net profit for the third quarter ended March 31, 2012 rose 31.45% to RM24.28 million from Rm18.47 million a year earlier, due mainly to higher revenue from the property development and retail divisions.
The company said on Monday that its revenue for the quarter rose 21,.35% to RM116.74 million from RM96.19 million in 2011.
Earnings per share was 7.76 sen compared to 5.90 sen, while net assets per share was RM2.74.
For the nine months ended March 31, Wing Tai’s net rose 48.44% to RM69.96 million from RM47.13 million a year earlier, on the back of a 19.49% increase in revenue to RM323.48 million from RM270.71 million.
Reviewing its performance, Wing Tai said the Higher revenue from the property development division was partly attributable to higher revenue from the Verticas Residensi project.
The revenue from the retail division was RM130.5 million in the current period compared with RM113.8 million in the corresponding period.
With the higher revenue, operating profit of the retail division was RM32.8 million in the current period compared with RM27.8 million in the corresponding period, it said.
On its outlook, Wing Tai said despite the global economic uncertainty, it expects the property development and retail divisions to remain profitable for the current financial year.