Wing Tai Holdings reports FY2024 loss of $78.7 mil

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, compared to earnings of $11.3 million in FY2023. The decrease in profit, which is primarily non-cash in nature. It comes on the back of the group’s announcement on Aug 6, which indicated a net loss in FY2024. Read also: Wing Tai Holdings submits top bid of $1,325 psf ppr for residential GLS site at River Valley Green Advertisement Advertisement It was driven by a share of loss from Wing Tai Properties Limited at $108.0 million, 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, 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. Net gearing ratio stood at 0.06 times as at June 30. Meanwhile, the group’s revenue declined by 64% y-o-y to $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's revenue from development properties was largely attributable to the progressive sales recognised from The LakeGarden Residences, the remaining units at The M in Middle Road in Singapore, and Jesselton Hills in Malaysia. 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 closed at 1 cent lower or down 0.79% at $1.26 on Aug 27.