Link: https://links.sgx.com/1.0.0/corporate-announcements/E69AEUBVXM58B7B5/f1e806964ff73ee834c2c918232a41658d317a9d7a9f6b1db04b9783b4e3482a

Summary:

• Net loss for 1H 2025: S$1.85 million (vs net profit of S$2.03 million in 1H 2024).

• Total comprehensive income rose to S$5.93 million (up 160%) after booking an S$8.28 million fair value gainon financial assets (Lingbao Gold shares).

• Revenue fell 3% to S$8.72 million, with Singapore F&B sales down S$783k and China contribution up S$538k.

• Gross and net profit margins compressed as cost of raw materials and other operating expenses increased; finance expenses more than doubled due to consolidation of Fengchi IOT.

• Foreign exchange losses soared (S$2.0 million) due to RMB depreciation and translation effects.

• Other income dropped due to absence of disposal gains and lower government grants.

• Basic/diluted EPS: (0.07) cent (1H 2024: 0.16 cent).

• Net asset value per share: 4.16 cents (30 Jun 2025; 3.66 cents at end-2024).

• Cash position: S$17.7 million (up S$9.9 million since Dec 2024) boosted by S$13.2 million income from the disposal of Lingbao Gold H-shares.

• No dividend declared for the period; company prioritizes capital retention for operations and expansion.

• Industry outlook remains competitive and cautious: consumer spending, F&B sales, and margins pressured by cost inflation, tariff risks, and macroeconomic uncertainty; management continues to monitor trends and maintain financial discipline.