Wing Tai Holdings posts S$16.8 million H2 loss

Singapore

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 three 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.

Wing Tai Holdings' shares closed up one Singapore cent or 0.59 per cent at S$1.71 on Friday before the news.

Separately on Friday, Wing Tai's Hong Kong associate Wing Tai Properties reported a net loss of HK$485.7 million (S$85.2 million) for the six months ended June 30, compared with a HK$212.2 million net profit in the year-ago period.

This is despite its revenue more than quadrupling to HK$1.96 billion from HK$423.9 million in the year-ago period.

Core consolidated profit attributable to shareholders - which excludes change in fair value on investment properties and financial instruments - was HK$287 million, up from HK$239 million in the year-ago period.

Loss per share was HK$0.36, compared with earnings per share of HK$0.16 in the year-ago period. An interim dividend of HK$0.06 per share was recommended, the same as a year ago.