KUALA LUMPUR, Feb 3 — Wing Tai Malaysia Bhd’s pre-tax profit for the second quarter ended December 31, 2015, improved to RM29 million from the RM16.28 million recorded in the same quarter 2014.

Revenue, however, slipped to RM76.60 million from RM83.78 million previously, the company said in a filing to Bursa Malaysia today. Property development revenue was lower, mainly due to lower revenue recognition for the Jesselton Hills Phase 2 project in the current period, which was completed in September 2015.

Despite the lower revenue recorded in the current period, Wing Tai said the property development division recorded a higher operating profit of RM23.1 million as compared with RM14.2 million in the corresponding period of the previous year.

“The higher operating profit was mainly attributable to the recognition of net claims against a contractor arising from settlement of final contract accounts for one of the subsidiary’s completed projects,” it said. — Bernama