Wing Tai Holdings has reported a net loss of $78.7 million for FY2024 ended June 30, reversing from earnings of $13.3 million in the same period in FY2023.
The group similarly recorded a total loss after tax of $82.2 million in FY2024, as compared to earnings of $11.3 million in FY2023.
The decrease in profit, which is primarily non-cash in nature, comes on the back of the group’s announcement on Aug 6 which guided for a net loss in FY2024.
This was driven by a share of loss from Wing Tai Properties Limited at $108.0 million which was largely attributable to the provision for impairment losses on its development properties and the fair value losses on its investment properties in Hong Kong.
Loss per share for FY2024 stood at 11.13 cents, as compared to earnings per share of 0.87 cents in the previous financial year.
The group’s net asset value per share also dropped to $3.90 in FY2024 from $4.13 in FY2023.
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The group’s net gearing ratio stood at 0.06 times as at June 30.
Meanwhile, the group’s revenue declined by 64% y-o-y $169.17 million in FY2024.
The group says that this decrease in revenue is due to the lower contribution from development properties. That said, the current year revenue from development properties was largely attributable to the progressive sales recognised from The LakeGarden Residences in Singapore and Jesselton Hills in Malaysia in addition to the remaining units sold in The M at Middle Road in Singapore.
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The group’s gross profit currently stands at $98.48 million in FY2024, down 31% from $142.49 million in the previous financial year.
Shares in Wing Tai Holdings W05 closed at 1 cent lower or down 0.79% at $1.26 on Aug 27.
