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Wing Tai falls into the red in FY 2024 with $78.7m net loss
Lower revenue and operating profit drove the decline.
Wing Tai fell into the red in FY 2024, posting a net loss of $78.7m.
In a bourse filing, the company attributed its losses to lower revenue and operating profit, which fell 64% YoY to $169.2m and 16% YoY to $22.5m, respectively.
Wing Tai said its lower revenue was mainly due to the lower contribution from its development properties.
Meanwhile, operating profit declined due to lower profits recognised from The M at Middle Road and the absence of contributions from Le Nouvel Ardmore in Singapore, which was fully sold in the previous year.
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