Wing Tai Properties braces for loss in FY22
It is expecting a loss of $50.0m.
HKEX-listed Wing Tai Properties has issued a profit warning, stating that the company will likely record a loss of $50.0m for the financial year 2022 (FY22).
In a bourse filing, the company said its expected loss was due to “adverse change in the fair value of the investment properties of the joint ventures for the year ended 31 December 2022.”
The FY22 will be a reversal from FY21 when the company recorded a $242.9m profit.
“Preliminary findings from the independent revaluation indicate that the total adverse change in the fair value of the investment properties of the Group for the year ended 31 December 2022 may be more than double the amount of HK$527.4 million previously reported for the year
ended 31 December 2021,” the company explained.
Wing Tai Properties will release its audited financial statement for FY22 on 32 March.
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