Wing Tai's net profit dwindles to $20.5m in 1H24

In the corresponding period, the company's net profit was $63.3m.

Wing Tai ended 1H24 with a lower net profit of $20.5m, lower than the corresponding period's record of $63.3m.

The company, however, explained that the 1H23 net profit included a one-off write-back of deferred tax provision of $21.8m.

Meanwhile, Wing Tao also recorded a 34% YoY decrease in gross profit, to reach $53.8m.

Revenue also fell 63% in 1H24 to $97.7m from $26.8m in 1H23.

The decrease is mainly due to the lower contribution from development properties.

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