Wing Tai Holdings has reported a 50% y-o-y lower earnings of $10.2 million for 1HFY2025 ended Dec 31, 2024, from earnings of $20.5 million in 1HFY2024, a continuation from the 68% y-o-y decrease in earnings from 1HFY2023.

For the half year period, Wing Tai’s earnings per share also decreased to 1.32 cents, down from the 2.24 cents in the same period a year before.

The group recorded a slight increase in total revenue for the 1HFY2025 of $112.7 million, compared to the $97.7 million for the same period a year before.

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This is mainly due to higher contribution from development properties. Revenue for the current period was largely attributable to the progressive sales recognised from The LakeGarden Residences in Singapore and Jesselton Hills in Malaysia, Wing Tai notes.

Wing Tai recorded a lower operating profit of $3.7 million in the 1HFY2025, compared to the $9.2 million in the corresponding period a year before. This is due to the absence of contribution from The M at Middle Road in Singapore that the company sold in the previous financial year.

The group’s share of profits of associated and joint venture companies for the current period increased to $33.2 million from $32.2 million in the same period a year before. This increase is mainly due to higher operating profit from Wing Tai Properties Limited in Hong Kong.

Shares in Wing Tai closed 1 cent lower or 0.820% down at $1.21.