Wing Tai Properties preempts losses for H1

But the company assured that its cash flow remains sound.

Wing Tai Properties expects a consolidated loss for the first six months of the year-end on 30 June, the company announced in a bourse filing.

The group said that its business in 2020 has so far been impacted by the COVID-19 outbreak and the weakening local and world economy.

The preliminary estimation was made mainly due to the possibility of an adverse change in fair value of the group’s investment properties, and the possibility of an adverse change in fair value of financial instruments, the group said.

However, Wing Tai further noted that the two factors leading to the loss are all non-cash items and will not have an impact on the cash flow of the group. It also assured that its overall financial, business and trading positions remain healthy.

Wing Tai will release its consolidated H1 results in August.