WBL Corporation said earnings for the fourth year ended 30 September 2012 (Q4 2012) rose 92.8% to $17 million. Revenue for the quarter increased 28.8% to $645.8 million, largely due to the better performance of both its property and automotive divisions.
However, for the full year ended 30 September 2012 (FY12), WBL Corp recorded lower earnings of $75.3 million on the back of $2.5 billion in revenue, largely due to lower gains from asset divestments.
For the year under review, the automotive division was the star performer again, with sales rising 42.3% to $892.5 million. This was mainly attributable to higher new car sales in Singapore and across the region and initial contributions from newly-acquired brands.
The property division, which adopted the completion-of-construction method in accordance with INT FRS 115 for the recognition of revenue and profits with effect from FY12, recorded a 74.6% increase in sales to $142.8 million, mainly due to the completion of residential units sold in Chengdu Orchard Villa and Chongqing Lakeside Garden.
The technology division turned in a 19.1% decline in operational earnings to $25.4 million for FY12, down from $31.4 million previously. Revenue for the division was 3.3% lower at approximately S$1.2 billion in FY12.
WBL says this is the fifth consecutive year that the group’s four core business divisions have remained profitable, despite continuing uncertainty in the global macro-economic conditions.
The directors are recommending a final dividend of 5 cents per share, to be paid on 18 February 2013. Books will close on 25 January 2013.
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