Net profit surged 255 per cent for retail/property company Wing Tai Holdings to reach S$7.4 million (US$5.2 million) in its third quarter.

This takes its net profit for the nine months to the end of March to S$10.6 million, a leap of 104 per cent.

However, the Hong Kong-listed mall owner’s quarterly revenue slipped 35 per cent to S$73.5 million, while the figure for the nine months dived 49 per cent to S$204.6 million. The company attributes the drop to lower contributions from development properties.

Higher contributions from Wing Tai Properties in Hong Kong and Uniqlo in Malaysia and Singapore led to a 24 per cent jump in profit share of associated and JV companies to S$16.9 million in the third quarter.