[SINGAPORE] Property developer Wing Tai narrowed its net loss in the second half of its 2025 fiscal year ended Jun 30 to S$71.1 million, down from S$99.2 million a year ago.
This comes as revenue jumped 64.4 per cent to S$117.5 million from S$71.5 million in the year-ago period, said the group in a bourse filing on Tuesday (Aug 26).
The revenue growth was attributed to higher contributions from development properties, in particular the progressive sales from The LakeGarden Residences in Singapore and Jesselton Hills in Malaysia.
Loss per share for the half year came in at S$0.0932, compared with S$0.1338 in the corresponding period a year ago.
A first and final dividend of S$0.03 per share was declared.
For the full year, Wing Tai posted a net loss of S$61 million, narrower than the S$78.7 million loss it incurred in the year-ago period.
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Revenue came in at S$230.2 million, up 36.1 per cent from S$169.2 million in the previous corresponding period.
Loss per share for the full year stood at S$0.08, compared with S$0.1113 a year before.
The biggest blow to the company’s bottom line in the previous fiscal year came from the performance of its associated and joint venture companies, but Wing Tai narrowed the earlier loss of S$90.9 million to S$55.7 million for the half year.
For the full year, the group’s share of results of associated and joint venture companies was a loss of S$22.5 million as compared to a loss of S$58.6 million in the previous year.
In the current fiscal year, its share of loss from Wing Tai Properties was S$142 million, which was largely attributable to the fair value losses on its investment properties and the provision for impairment losses on its development properties in Hong Kong.
But this was partially offset by the group’s share of negative goodwill of S$84.4 million on the acquisition of Amara Group in the current fiscal year, said the financial statement.
On its outlook, Wing Tai said it launched the 524-unit River Green residential development in August this year, and 88 per cent of its total units have been sold. It added that it will continue to monitor the market and release more such units for sale at appropriate times in the current year.
Shares of Wing Tai closed Tuesday at S$1.40, down S$0.03 or 2.1 per cent.
