Wing Tai Holdings Reports Fy2024 Loss 787 Mil
In its latest financial report, Wing Tai Holdings reported a net loss of $78.7 million for the fiscal year ended 30 June 2024, a stark contrast to the earnings of $13.3 million recorded in the same period in FY2023. The company’s total loss after tax for FY2024 amounted to $82.2 million, a significant drop from the earnings of $11.3 million in FY2023.This decline in profit for the year is predominantly non-cash in nature, following the company’s announcement on August 6 that it would be recording a net loss for FY2024. This is primarily due to a share of loss from Wing Tai Properties Limited, amounting to $108.0 million, which was mainly a result of provisions for impairment losses on its development properties and fair value losses on its investment properties in Hong Kong. As a result, the loss per share for FY2024 stands at 11.13 cents, in contrast to earnings per share of 0.87 cents in the previous financial year.The net asset value per share for the company also saw a decline, falling from $4.13 in FY2023 to $3.90 in FY2024. Additionally, the company’s net gearing ratio as at June 30 stands at 0.06 times.On the revenue front, Wing Tai Holdings saw a 64% year-on-year decline to $169.17 million in FY2024. This decrease in revenue is primarily due to the lower contribution from development properties. However, the current financial year’s revenue from development properties was mainly driven by the progressive sales from The LakeGarden Residences, the remaining units at The M in Middle Road, Singapore, and Jesselton Hills in Malaysia.The group’s gross profit for FY2024 stands at $98.48 million, a significant decrease of 31% from the $142.49 million recorded in the previous financial year. On August 27, shares in Wing Tai Holdings closed 1 cent lower, down 0.79% at $1.26.
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