Wing Tai Holdings Reports Fy2024 Loss 787 Mil
Wing Tai Holdings has announced a loss of $78.7 million for its FY2024, which ended on June 30. This is a significant reversal from its earnings of $13.3 million in the same period in FY2023. The company also recorded a total loss after tax of $82.2 million in FY2024, compared to earnings of $11.3 million in FY2023. This decline in profit is mainly due to non-cash factors and was already anticipated with the group’s earlier announcement of a net loss for FY2024 on August 6.
The group’s net loss was primarily driven by a share of loss from Wing Tai Properties Limited, amounting to $108.0 million. This was mainly due to provisions for impairment losses on its development properties and fair value losses on investment properties in Hong Kong. Loss per share for FY2024 was recorded at 11.13 cents, in contrast to earnings per share of 0.87 cents in the previous financial year. The group’s net asset value per share also decreased to $3.90 in FY2024 from $4.13 in FY2023. As of June 30, the group’s net gearing ratio stood at 0.06 times.
The company’s revenue for FY2024 decreased by 64% year-on-year to $169.17 million. This is primarily due to lower contributions from development properties. However, the group’s revenue for the current year was largely attributed to progressive sales from The LakeGarden Residences, remaining units at The M in Middle Road, and Jesselton Hills in Malaysia.
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In FY2024, the group’s gross profit was $98.48 million, which is a 31% decrease from $142.49 million in the previous financial year. Wing Tai Holdings’ shares closed at $1.26 on August 27, down 0.79% from the previous day’s closing price.