Link: https://links.sgx.com/1.0.0/corporate-announcements/3VPWMNTPSMP43AFL/499a2bb3604f6240f84b0f09958551d10e440c6f14d8aeb1d91679ff45f627a6

Summary:

• Revenue: S$301.0 million (down 12.1% YoY from S$342.5m); IT business 99.9% of revenue; decline driven by lower sales volumes and USD depreciation; PCB business revenue S$0.3m (down 58.9%) after Singapore factory closure.

• Gross profit: S$44.4 million (down 14%); margin impacted by higher inventory obsolescence allowance (S$2.4m vs S$0.7m).

• Profit before tax: S$17.1 million (down 18%); impacted by lower gross profit, higher finance costs, and higher FX losses; partially offset by higher interest income and reversal of ECL on receivables.

• Net profit: S$14.2 million (down 13% from S$16.4m in 1H2024); Earnings per share: 15.78 cents (vs 18.23 cents).

• Operating expenses and other items: Finance costs S$2.1m (up 263%); net FX loss S$0.67m (vs S$0.02m loss); reversal of allowance on receivables S$0.83m (vs S$0.82m loss); interest income S$3.63m (up 144%).

• Geography mix: Singapore S$137.5m; Greater China S$21.9m; India S$14.4m; Vietnam S$48.1m; Others S$79.0m.

• Cash flow: Net cash from operating activities S$5.4m (vs outflow S$5.8m); investing outflow S$0.4m; financing outflow S$14.3m (dividends S$12.8m); ending cash S$71.2m (vs S$83.8m at end-2024).

• Balance sheet: Net asset value per share 166.27 cents (down from 171.16 cents at end-2024); trade receivables down to S$190.9m; inventories down to S$57.3m; contract liabilities S$23.0m; no borrowings.

• Dividends: S$12.8m paid during 1H2025; no treasury shares; issued shares unchanged at 90.095m.

• Outlook/notes: Lower USD and weaker volumes weighed on results; management highlights improved inventory turnover, reduced receivables, and continued cost discipline; no significant seasonality.