Divestment gain boosts Wing Tai's 1Q net profit

by **Cals** Wed 19 Nov 2014, 02:28

Divestment gain boosts Wing Tai's 1Q net profit

KUALA LUMPUR: Wing Tai Malaysia Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) posted a net profit of RM31.2 million for the first quarter ended Sept 30, almost double from RM15.7 million in net profit a year before.
The company also declares a first and final single tier dividend of 5 sen per share, and a special single tier dividend of 2 sen per share.
Revenue increase slightly to RM83.02 million from RM82.3 million in the previous corresponding quarter.
In an announcement to Bursa Malaysia, Wing Tai said the sharp jump in earnings was mainly due to gain on disposal of shares in its joint venture in Indonesia, which was completed in the quarter under the review.
Its latest cash flow statement as at Sept 30 shows that the company received RM20.2 million proceed from divestment of a joint venture
Wing Tai said the higher revenue was mainly due to the sales of completed units at the Impiana Commercial Hub project in the current quarter.
Looking ahead, the company said it expects to remain profitable for the current financial year.
In a separate filing, Wing Tai said its non-executive director Tan Sri Dr Mazlan Ahmad was re-designated as the company's chairman effective today, following the retirement of its former chairman Tan Sri Mohamed Noordin Hassan.
Meanwhile, it also appointed Lee Kong Beng as the general manager of finance.
Wing Tai dropped one sen to close at RM2.02, giving it a market capitalisation of RM635.3 million.