Wing Tai Holdings Reports Fy2024 Loss 787 Mil

Wing Tai Holdings has announced a net loss of $78.7 million for the financial year ended June 30, 2024, compared to a profit of $13.3 million in FY2023. This also resulted in a total loss after tax of $82.2 million in FY2024, as opposed to a profit of $11.3 million in the previous year. The primary reason for this decline in profit is mainly due to non-cash items. This follows the group’s announcement on August 6, stating that it will report a net loss in FY2024.Wing Tai Properties Limited, a subsidiary of the Group, experienced a share loss of $108 million, largely due to impairment provisions on its development properties and fair value losses on its Hong Kong investment properties. In FY2024, the loss per share was 11.13 cents, a considerable decrease from the gain of 0.87 cents in FY2023. The net asset value per share also fell from $4.13 to $3.90 during the same period. The group’s net gearing ratio stood at 0.06 times as of June 30, 2024. Meanwhile, revenue for the year declined by 64% to $169.17 million from $474.7 million in FY2023. The decrease in revenue was a result of lower contributions from development properties. However, despite this decline, the group reported significant revenue from its current development properties, including progressive sales from The LakeGarden Residences, the remaining units at The M in Singapore’s Middle Road, and Jesselton Hills in Malaysia. The group’s gross profit also declined by 31% from $142.49 million in FY2023 to $98.48 million in FY2024.Shares in Wing Tai Holdings closed at $1.26 on August 27, down 0.79% from the previous day’s closing price of $1.27.

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