Wing Tai Holdings posts H2 net loss of S$16.8m, for full-year profit of S$16m

MAINBOARD-LISTED Wing Tai Holdings reported a net loss of S$16.8 million for the second half ended June 30, down from net profit of S$28.4 million in the year-ago period, in its results release on Friday after market close.

This is despite revenue rising 46 per cent to S$187.5 million, from S$128.7 million previously.

Loss per share for the half-year was 3.03 Singapore cents, compared with earnings per share of 3.22 Singapore cents for the year-ago period.

Wing Tai has recommended a first and final dividend of 3 Singapore cents per share, the same as the year before.

With Covid-19 having severely disrupted the Singapore economy, buying sentiment for residential property "is expected to be subdued in the current year", it said.

"The group will continue to exercise prudence in liquidity and capital management to ride through the uncertainties in the market," it added.

The latest results take full-year net profit to S$16 million, down 66 per cent from S$46.8 million a year ago. Full-year revenue was S$371 million, up 15 per cent from S$322.6 million the year before.

Underlying net profit for the full year, excluding unrealised fair-value changes on investment properties, was S$70 million, up 85 per cent from S$38 million the previous year.