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Wing Tai Properties expects H1 loss
WING Tai Properties, the Hong Kong associate of Singapore-listed Wing Tai Holdings, on Wednesday guided for a first-half consolidated loss for the six months ending June 30.
In the year-ago period, there was a consolidated profit of HK$245.4 million (S$43.9 million), said Wing Tai Properties in a profit-guidance note.
The preliminary estimation was made mainly due to the possibility of an "adverse change" in fair value of the group’s investment properties, and the possibility of an "adverse change" in fair value of financial instruments, said the group.
It noted that the aforementioned items are all non-cash items and will not have an impact on its cash flow.
The group further said that its business this year has so far been hit by the Covid-19 fallout and the weakening local and world economy. That being said, its overall financial, business and trading positions "remain healthy".
Wing Tai Properties' consolidated first-half results are expected to be published in August.
Shares of Wing Tai Holdings closed up 3 Singapore cents to S$1.88 on Wednesday.