Wing Tai Holdings announced that following a preliminary assessment of its FY2024 ended 30 June results and taking into account the adverse change in the fair value of the investment properties overseas and the provision for impairment losses on the development properties overseas, the board of directors wishes to issue a profit guidance that the group expects to report a net loss for FY2024.
The fair value losses on investment properties and the impairment losses on development properties are non-cash in nature. The financial position of the Group remains healthy with a low net gearing ratio of approximately 0.07 times as at June 30.
The group is in the process of finalising its unaudited consolidated results for FY2024. Further details will be disclosed when the it announces its unaudited consolidated results for FY2024 on Aug 27.
Shares in Wing Tai closed at $1.30 on Aug 6.
