Wing Tai Holdings W05 has issued a profit guidance, expecting to report a “significant decrease in net profit attributable to shareholders” at its upcoming results for FY2023 ended June.
According to an Aug 4 bourse filing, Wing Tai’s financial position “remains healthy” with a “low net gearing ratio” of approximately 0.08x as at June 30.
The company is in the process of finalising its unaudited consolidated results for FY2023, which will be released on Aug 25.
On July 28, Wing Tai’s wholly-owned subsidiary Wincove rescinded its contract to acquire Holland Tower.
According to the company, this is due to the non-fulfilment of “certain conditions thereunder”.
The non-completion of the acquisition has no material impact on the group’s net asset value (NAV).
See also: Wing Tai rescinds contract for the collective purchase of Holland Tower
On March 15, Wing Tai announced that Wincove had successfully tendered for the collective purchase of the freehold Holland Tower for $76.3 million, or $1,746 sq ft per plot ratio (psf ppr).
Holland Tower is located at 10 Holland Heights in prime District 10.
Shares in Wing Tai closed 2 cents lower, or 1.41% down, at $1.40 on Aug 4.
