CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FIRST HALF YEAR ENDED 31 MARCH 2025
Financials Archive
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Condensed Statements of Financial Position
Review of Performance
Statement of Profit or Loss and Other Comprehensive Income Review
Revenue
Revenue increased by $36.0 million or 101.3% from $35.5 million in 1HY2024 to $71.5
million in 1HY2025. The increase was mainly due to the increase in revenue from Energy
sector. Revenue from the Energy Sector increased by $24.6 million or 101.5% from $24.3
million in 1HY2024 to $48.9 million in 1HY2025. Revenue from the Marine Sector increased
by $3.1 million or 83.5% from $3.7 million in 1HY2024 to $6.8 million in 1HY2025. Revenue
from the Trading Sector increased by $2.8 million or 50.0% from $5.5 million in 1HY2024
to $8.3 million in 1HY2025. Revenue from Others Sector increased by $5.5 million or
270.2% from $2.0 million in 1HY2024 to $7.6 million in 1HY2025.
Geographically, Singapore market was the main contributor at 71.4% of the revenue
generated in 1HY2025. Revenue from Singapore market increased by $38.1 million or
292.1% from $13.0 million in 1HY2024 to $51.1 million in 1HY2025.
Gross Profit and Gross Profit Margin
In tandem with the increase in revenue, gross profit increased by $1.9 million or 38.4% from
$4.9 million in 1HY2024 to $6.8 million in 1HY2025 while gross profit margin decreased by
4.4 percentage points to 9.5% from 13.9% over the same period.
Interest Income and Finance Costs
Interest income remained stable at $0.2 million in 1HY2025.
Finance costs increased by $0.8 million or 182.9% from $0.4 million in 1HY2024 to $1.2 million in 1HY2025 mainly due to an increase in trust receipts financing.
Operating Expenses
Marketing and distribution costs decreased marginally by 2.5% from $1.7 million in 1HY2024 to $1.6 million in 1HY2025.
Administrative expenses remained stable at $2.3 million in 1HY2025.
Depreciation of property, plant and equipment decreased by $0.6 million or 44.6% from
$1.4 million in 1HY2024 to $0.8 million in 1HY2025 mainly due to the property at 90 Second
Lok Yang Road being reclassified under assets held for sale and no longer being
depreciated.
Depreciation of right-of-use assets remained stable at $0.1 million in 1HY2025.
Other Gains / (Losses) (Net)
Other gains in 1HY2025 was $1.4 million, an increase of $2.0 million compared to other
losses in 1HY2024 of $0.6 million. This was mainly due to foreign exchange transaction
and translation gains of $1.2 million in 1HY2025 as compared to losses of $0.7 million in 1HY2024.
Profit / (Loss) Before Tax
Profit before tax increased by $3.8 million from a loss of $1.5 million in 1HY2024 to a profit of $2.3 million in 1HY2025 due to the aforementioned reasons.
Other Comprehensive Income / (Loss)
Other comprehensive income was insignificant in 1HY2025 and in 1HY2024.
Statement of Financial Position Review
Non-Current Assets
Non-current assets decreased by $1.0 million or 4.2% from $22.8 million as at 30
September 2024 to $21.9 million as at 31 March 2025 mainly due to a decrease in non-
current portion of trade and other receivables.
Current Assets
Current assets increased by $15.8 million or 16.6% from $95.2 million as at 30 September
2024 to $111.0 million as at 31 March 2025. The increase was mainly due to an increase
in trade and other receivables, partly offset by a decrease in cash and cash equivalents
and inventories. Trade and other receivables increased by $26.5 million or 58.3% from
$45.4 million as at 30 September 2024 to $71.9 million as at 31 March 2025. Cash and
cash equivalents decreased by $8.4 million or 58.6% from $14.4 million as at 30 September
2024 to $6.0 million as at 31 March 2025.
Non-Current Liabilities
Non-current liabilities decreased by $1.0 million or 10.9% from $8.8 million as at 30
September 2024 to $7.8 million as at 31 March 2025 mainly due to a decreased in non-
current portion of loans and borrowings.
Current Liabilities
Current liabilities increased by $13.5 million or 38.7% from $34.9 million as at 30 September
2024 to $48.4 million as at 31 March 2025. The increase was mainly due to an increase in
current portion of loans and borrowings by $17.0 million, offset by a decrease in trade and
other payables by $3.6 million.
Equity
Total equity increased by $2.3 million or $3.1% from $74.3 million as at 30 September 2024
to $76.6 million as at 31 March 2025 mainly from the profit earned in 1HY2025.
Statement of Cash Flows Review
Cash Flows Used in Operating Activities
Cash used in operating activities increased by $22.1 million from $0.5 million in 1HY2024
to $22.6 million in 1HY2025 mainly due to negative working capital changes.
Cash Flows Used in Investing Activities
Cash used in investing activities decreased by $5.3 million from $5.9 million in 1HY2024 to
$0.6 million in 1HY2025 mainly due to the absence of capital expenditure arising from the
acquisition of warehouse in Malaysia in 1HY2024.
Cash Flows from Financing Activities
Cash from financing activities increased by $11.9 million from $2.9 million in 1HY2024 to
$14.8 million in 1HY2025 mainly from an increase in loans and borrowings in 1HY2025.
Commentary
Despite challenging operating conditions, the Group expects improved revenue generation
in FY2025. Profit margins are still expected to face pressure as the Group maintains its competitive position. The Group's financial performance is affected by foreign exchange fluctuations, particularly between the United States dollar and Singapore dollar, which can
result in both transaction and translation gains or losses.
The Group hopes to strengthen its sales and expand its markets in Vietnam, particularly in
view of the Company's proposed investment in SRE. At the same time, the Company will
continue to pursue new markets such as Central Asia and customers and enhance revenue
generation, in terms of quantum and stability, inter alia, by growing its sources of recurring
income, including through offerings of non-steel product categories.
