Wing Tai's net profit soared 114% to HK$4.7b
Check out what boosted this growth.
Wing Tai Properties Limited announced its 2012 annual results with a revenue of HK$3.0 billion, up 18%, and net profit increased by 114% to HK$4.7 billion.
The Board of Directors proposed to declare a final dividend of HK9.3 cents per share, together with an interim dividend of HK4.2 cents per share, making a total dividend of HK13.5 cents per share, a 17% increase from 2011.
The company continued its transformation with the disposal of its non-core apparel branded business, Gieves & Hawkes. The transaction provided an attractive return to its shareholders and generated immediate cash inflow and potential long-term monetary entitlements for the company.
The company also acquired approximately 90% of Winsor Properties’ assets at a discount and with minimal acquisition funding.
Additionally, it completed the restructuring by disposing the listed holding company at a premium. As a result, it realised a total immediate accretion of HK$919.0 million to shareholders’ equity as well as eliminated the holding company discount, while shareholders of Winsor Properties also monetized their investment at an attractive premium.