For FY2023, Wing Tai's income is down 91%, to $13.3 million

Wing Tai Holdings W05 0.00% said that it made $13.3 million in the fiscal year that ended on June 30, 2023. This is 91% less than the $140.2 million it made in the fiscal year that ended on June 30, 2022, similar to The Continuum Singapore.

For the second half of the financial year, the real estate company made a loss of $49.9 million, compared to a profit of $86.4 million for the first half.

So, profit per share of the continuum showflat for the full year fell from 16.64 cents per share in FY2022 to 0.87 cents per share in FY2023.

The group’s share of related and joint venture companies lost $10,400,000 in FY2023, compared to S$112,200,000 in the previous year. This was mostly because of its share of the results of Wing Tai Properties Limited in Hong Kong, which had lower operating profit and higher fair value losses on investment properties during the period. This was partially offset by higher contributions from Uniqlo in Singapore and Malaysia.

If you take out the fair value losses on its investment properties, the Wing Tai’s net profit was $131.3 million in FY2023, which is 10% less than the $145.7 million it made in FY2022.

Wing Tai’s income in FY2023 was $476.3 million, which was 7% less than in FY2022, mostly because building properties brought in less money. During the same time, most of the income for the period came from the sales of The M at Middle Road and the last unit in Le Nouvel Ardmore in Singapore.

Its cost of sales fell by 5% y-o-y to $333.8 million in FY2023, and its gross profit was $142.5 million, which was 13% less y-o-y.

As of June 30, the group had $402.1 million in cash and cash equivalents.

Wing Tai has announced a final dividend of 3 cents per share and a special dividend of 2 cents per share, for a total of 5 cents per share and a dividend yield of 3.8%.

In its forecasts, the group says that Singapore’s economy continues to face more and more problems. For example, in the second quarter of 2023, the private residential property price index went down by 0.2% compared to the previous quarter, when it went up by 3.3%.

Wing Tai says it will keep keeping a close eye on the real estate market and will put more living units up for sale at the “right time.”

On August 25, Wing Tai shares ended the day down 1 cent, or 0.75 cents, at $1.32.