Nam Tai Property Inc. announced dividend of $0.07 for the fourth quarter of 2018, payable on October 19, 2018. Record date is September 30, 2018.

Prior to annual general meeting of the shareholders on June 1, 2018, former chairman, Mr. M.K. Koo, announced his intention to retire no later than the end of 2018. At annual general meeting, shareholders elected a slate of directors that included certain new members and current CEO, Mr. Ying Chi Kwok, in anticipation of the retirement of Mr. Koo. Subsequent to the annual general meeting, board of directors elected Mr. Ying Chi Kwok, as new chairman on June 4, 2018. At board meeting on July 27, 2018, Mr. Koo officially vacated his seat as a director and following the recommendation of nominating committee, board elected Mr. Hao Xu as a director in place of Mr. Koo starting from August 1, 2018. Mr. Koo will remain as a consultant of company for the remainder of 2018.

The company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported operating loss of $4,155,000 against $2,337,000 a year ago. Loss before income tax was $5,845,000 against income of $2,085,000 a year ago. Net loss was $5,845,000 against income of $2,085,000 a year ago. Basic and diluted loss per share was $0.15 against basic and diluted EPS of $0.06 a year ago. Net cash provided by operating activities was $142,000 against $2,154,000 a year ago. Purchase of property, plant & equipment was $95,000 against $13,000 a year ago.

For the six months, the company reported operating loss of $13,271,000 against $3,727,000 a year ago. Loss before income tax was $3,277,000 against income of $3,899,000 a year ago. Net loss was $3,277,000 against income of $3,899,000 a year ago. Basic and diluted loss per share was $0.09 against diluted EPS of $0.10 a year ago. Net cash used in operating activities was $1,671,000 against net cash provided by operating activities of $4,078,000 a year ago. Purchase of property, plant & equipment was $596,000 against $129,000 a year ago. Negative return on equity was 2.7% against positive return on equity of 3.2% a year ago.