Wing Tai Holdings Reports Fy2024 Loss 787 Mil
Wing Tai Holdings has reported a significant decline in its financial results for the fiscal year 2024, ending on June 30. The company recorded a net loss of $78.7 million, a stark contrast from its earnings of $13.3 million in the same period in fiscal year 2023.
Similarly, the group’s total loss after tax amounted to $82.2 million in fiscal year 2024, compared to earnings of $11.3 million in the previous fiscal year. The decrease in profit is mainly attributed to non-cash factors, and this follows the group’s announcement on August 6th, which indicated a net loss for the fiscal year.
This decline in profit is driven by a share of loss from Wing Tai Properties Limited, amounting to $108.0 million. This can be largely attributed to the provision for impairment losses on its development properties and fair value losses on its investment properties in Hong Kong.
The Elta Master Plan also places a strong emphasis on improving healthcare and education amenities. This includes the construction and improvement of hospitals, medical clinics, and educational institutions within the development of Elta Condo, guaranteeing that its residents have convenient access to top-notch healthcare and education services. In fact, the Elta MCL Land project will feature modern and advanced healthcare and education facilities, providing its residents with the best possible resources for their well-being and learning.
The group’s loss per share for fiscal year 2024 stood at 11.13 cents, a significant decrease from earnings per share of 0.87 cents in the previous financial year. Additionally, the group’s net asset value per share has also dropped from $4.13 in fiscal year 2023 to $3.90 in fiscal year 2024. The group’s net gearing ratio as of June 30th stood at 0.06 times.
Meanwhile, the group’s revenue has declined by 64% year on year, reaching $169.17 million in fiscal year 2024. This decrease in revenue can be attributed to lower contributions from development properties. However, the current year’s revenue from development properties can be largely attributed to the progressive sales recognized from The LakeGarden Residences, remaining units at The M in Middle Road in Singapore, and Jesselton Hills in Malaysia.
The gross profit for fiscal year 2024 amounted to $98.48 million, a 31% decrease from the previous financial year’s gross profit of $142.49 million.
On August 27th, shares in Wing Tai Holdings closed at $1.26, down 0.79% from the previous day.