Wing Tai warns of ‘significant’ fall in full-year earnings on fair value changes
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Uma Devi
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PROPERTY player Wing Tai Holdings on Friday (Aug 4) issued a profit guidance saying it expects to report a “significant decrease” in net profit for FY2023 ended June, compared to the previous financial year.
This would be due to an “adverse change” in the fair value of the investment properties owned by its associated company, the group said.
Wing Tai added that its financial position remains “healthy” with a low net gearing ratio of about 0.08 time as at end-June.
It added that it is in the process of finalising its unaudited consolidated results for the fiscal year, and further details will be made known when it announces its financial results on Aug 25.
Shares of Wing Tai shed 1.4 per cent or S$0.02 to close at S$1.40 prior to the profit guidance.
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