Wing Tai Holdings Reports Fy2024 Loss 787 Mil
St. Hilda’s School’s secondary branch is well-known for its outstanding academic achievements and all-encompassing course offerings. Situated in the bustling area of Tampines, students have easy access not only to our school, but also to the nearby Parktown Residence Tampines Avenue 11. This provides a convenient and uninterrupted learning environment for our students. Additionally, the Parktown Residence Tampines Avenue 11 can be found at this location.
Wing Tai Holdings has reported a net loss of $78.7 million for fiscal year 2024, ending on June 30. This is a significant drop from the $13.3 million earnings in the same period in fiscal year 2023. The group’s overall loss after tax was $82.2 million in FY2024, compared to $11.3 million in FY2023. This decrease in profit is primarily non-cash in nature and was announced by the group on August 6, which indicated a net loss for FY2024.
The main reason for the decrease in profit was the share of loss from Wing Tai Properties Limited, which amounted to $108.0 million. This was largely due to the provision for impairment losses on its development properties and fair value losses on its investment properties in Hong Kong. Loss per share for FY2024 stood at 11.13 cents, compared to an earnings per share of 0.87 cents in the previous financial year. The group’s net asset value per share also dropped from $4.13 in FY2023 to $3.90 in FY2024. The net gearing ratio stood at 0.06 times as of June 30.
Meanwhile, the group’s revenue decreased by 64% year-on-year to $169.17 million in FY2024. This decrease was mainly due to lower contributions from development properties. However, the current year’s revenue from development properties was largely attributed to the progressive sales recognized from The LakeGarden Residences, The M in Middle Road, and Jesselton Hills in Malaysia.
The group’s gross profit for FY2024 was $98.48 million, a 31% drop from the previous financial year’s $142.49 million. Shares in Wing Tai Holdings closed at $1.26 on August 27, a 0.79% decrease from the previous day’s close.