Wing Tai's net profit slips 27% to $2.1m in Q3

Due to slower residential sales.

Wing Tai reported that its third-quarter net profit dropped 27% year-on-year to $2.1 million, on back of continued headwinds in the residential market.

The group's net profit also declined due to a one-off $21.1 million gain in the corresponding period last year, related to the sale of shares in a property subsidiary in Indonesia.

The group's revenue dropped 35% to $43 million during the quarter. Earnings came mostly from progressive sales in its residential projects The Tembusu and Le Nouvel Ardmore, as well as The Lakeview in China.

Going forward, Wing Tai expects operating conditions in key markets to remain challenging.

“Buying sentiment for private residential property in Singapore is expected to remain subdued. In Malaysia, the cautious buying sentiment in the property market will remain. In China, residential property sales have improved in certain cities underpinned by some relaxation of home purchase restrictions. The Group will monitor the market closely and will at appropriate times release more residential units for sale in the current year,” said Wing Tai.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia