Turnover and Net Profit Surged by 80% and 511% Respectively
HONG KONG, March 31, 2011 /PRNewswire-Asia/ -- Wing Tai Properties Limited (HKEx: 00369) achieved record high net profit of HK$1,913 million, up 511% as compared to 2009, while revenue recorded HK$2,177 million, surged by 80% year-on-year. The excellent performance was driven by the pre-sales of "Forfar" and "Belle Vue Residences", improved rental yields, gains from the disposal of industrial assets, and revaluation gains on investment properties.
The Board of Directors proposed to declare a final dividend of HK6.5 cents per share (2009: HK4.0 cents), together with an interim dividend of HK3.5 cents per share (2009: HK1.5 cents), making a total dividend of HK10.0 cents per share, an 82% increase from 2009.
Over 60% of the units at "Forfar" were sold since its presale in July 2009. Upon receipt of the occupation permit, approximately HK$900 million revenue was recognized during the year. About 85% of the units at "Seymour" were sold since its presale in November 2009. Pak Shek Kok development at Tai Po Town Lot Nos. 186, 187 and 188, has been officially named "Providence Bay". The developments are expected to be completed in phases in 2012. In the second half of 2010, the Group also acquired two residential sites: one at Mid-Levels West and the other at Tai Hang, Causeway Bay. Both sites are expected to be completed between 2013 and 2014.
In China, the Group established a joint-venture with Nan Fung Group in December 2010, to develop a premium and high-end project in Lujiazui, Shanghai. The development is scheduled for completion in 2013.
As at 31 December 2010, the Group's portfolio of investment properties had an aggregate fair market valuation of HK$10.2 billion. Committed leasing rate of Landmark East surpassed 90% at year-end. W Square maintained an average occupancy of approximately 96% in 2010. In June 2010, Winsor Properties disposed of two industrial buildings for a total consideration of HK$949.0 million, representing a gain of approximately HK$207 million during the year.
In line with the economic recovery of the Asian region, the Group's hospitality investment and management business improved steadily during the year.
Deputy Chairman and Chief Executive of the Group, Mr. Edward Cheng said, "The Group will look for property development and investment acquisition opportunities in Hong Kong, and gateway cities in Mainland China and Asia to further establish its presence as a leading developer of premium properties in this fast-growing region."
