Wing Tai braces for up to $236.7m loss in H1

Impairment provisions and change in property values totalled over HK$1b.

Wing Tai Properties Limited may report a loss attributable to shareholders of between HK$1.3b to HK$1.4b (S$219.8m to S$236.7m) for the first six months of 2024.

This is over three times the loss reported for H1 2023, at HK$374.2m, based on data from Wing Tai Properties' SGX filing.

Total adverse change in the value of its properties and its impairment provisions for properties under development amounted to over HK$1b (approximately S$169m) in H1 2024.

In comparison, adverse change in the fair value of its properties was only HK$480m for H1 2023, and the group did not make an impairment provision during that period.

Wing Tai Properties does not expect that change in value and impairment provision to have an impact on its operating cash flow as they are “non-cash items.”

“The overall financial, business and trading positions of the Group remain healthy,” Wing Tai Properties said in a bourse filing.

It is in the process of finalizing the consolidated interim results of the Group for the six months ended 30 June, and expects to publish it on around 26 August 2024.

(S$1 = HK$5.91; as of 15 August 2024, 10:54AM)

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