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Wing Lee Holdings Ltd Comments On H1 2013 Guidance


Friday, 5 Jul 2013 10:08am EDT 

Wing Lee Holdings Ltd announced that the Group expects to record a loss for the first half of 2013 as compared to a profit for the first half of 2012. The Company believes that this is primarily due to a decline of about 20% in the Group’s revenue for the first half of 2013 (when compared to first half of 2012) and a write-down on the carrying value of fixed assets which the Company management expects to make. The Group’s financial results for the first half of 2013 may be further affected (positively or negatively) by the impact of the special interim dividend declared by the Board on February 19, 2013 and satisfied by the distribution in specie by the Company of about 83% of the issued share capital of Wing Lee Property Investments Limited (WLP), the spin-off listing of WLP (which held the Group’s then property investment business) on the Stock Exchange in March 2013, and a valuation of the Group’s remaining 17% interest in WLP recorded by the Group. Accordingly, the Company is unable, at this stage, to estimate the loss the Group expects to record. 

Company Quote

0.345
0.01 +2.99%
3:56am EDT