Link: https://links.sgx.com/1.0.0/corporate-announcements/65RQBF36HR7BLSZ7/770f29f8bc84ef1f97bacbfc8f83bb3f5a48939c4d7910d6d3fc3a486a29f12d

Summary:

• Profit after tax for 1H FY2025: S$18.0 million; supported by a one-off gain of S$9.1 million from increased stake in Woods Square Pte. Ltd.

• Revenue: S$91.3 million, down 6.1% year-on-year; operating profit: S$30.9 million, down 14.4% due to weaker hospitality performance.

• Hospitality segment affected by property refurbishment in Australia and a cybersecurity incident at joint ventures in Australia/Europe.

• UK Purpose-Built Student Accommodation (PBSA) contributed stronger profits after the April 2024 acquisition of Homes for Students (HFS); UK PBSA occupancy for AY24/25 was around 92%.

• PBSA development momentum continues, with new projects in Glasgow (273 beds, completion 2027) and Manchester (239 beds, completion 2028); PBSA reservations for AY25/26 at 74%.

• Regional hotel portfolio expanded in Osaka, Japan, with two hotel openings in 2025, increasing total Japan inventory to nearly 1,000 rooms.

• Hospitality portfolio includes over 17,500 rooms globally, plus 500 rooms under development.

• The first UK PBSA development fund (FESAD) closed with £96 million committed, enabling further growth.

• Management maintains cost discipline and prudent capital allocation amid global macroeconomic uncertainty and operational challenges.

• CEO emphasizes focus on scaling the lodging platform, growing recurring income, and strengthening fund management capabilities for sustainable long-term value.