Wing Tai Holdings has reported a significant financial downturn for FY2024 ended June 30, posting a net loss of $78.7 million, a stark reversal from the $13.3 million earnings recorded in FY2023. The group's total loss after tax reached $82.2 million, compared to earnings of $11.3 million in the previous year. This decrease in profit, primarily non-cash in nature, was anticipated in the group's announcement on August 6.

The financial setback was primarily attributed to a $108.0 million share of loss from Wing Tai Properties Limited, stemming from provision for impairment losses on development properties and fair value losses on investment properties in Hong Kong. Consequently, the loss per share for FY2024 stood at 11.13 cents, contrasting with earnings per share of 0.87 cents in FY2023. The group's net asset value per share declined from $4.13 to $3.90.

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Despite these challenges, Wing Tai Holdings maintained a relatively low net gearing ratio of 0.06 times as of June 30. However, the group's revenue saw a significant 64% year-on-year decrease to $169.17 million in FY2024, primarily due to lower contributions from development properties. The current year's revenue was mainly derived from progressive sales of The LakeGarden Residences, remaining units at The M in Middle Road, Singapore, and Jesselton Hills in Malaysia.

Gross profit for FY2024 stood at $98.48 million, marking a 31% decrease from the previous year's $142.49 million. In light of these financial results, Wing Tai Holdings' shares closed slightly lower at $1.26 on August 27, down 0.79% or 1 cent.