Link: https://links.sgx.com/1.0.0/corporate-announcements/7835I12DBKD7GB0B/1ed3c5189f0cbf4ba2695371d982343a6db43d60049b5d957a3f9c85ba81ba34

Summary:

• Revenue: S$100.5 million (up 8% YoY), led by higher Utilities (+7%) and Industrial Parks; Resort Operations also grew; Property Development modest.

• Profit: Profit after tax S$20.5 million (vs loss S$29.0m); profit before tax S$30.8m (vs loss S$21.4m); turnaround aided by other income and FX gains.

• Other income/FX: Other income S$38.5m (vs expense S$10.5m); net exchange gain S$34.2m (vs loss S$12.4m) a key driver of the swing.

• Costs: Cost of sales S$59.2m (flat); finance costs S$21.3m (+11%); G&A S$12.3m (+8%); other operating expenses S$16.0m (+9%).

• Segment: Operating profit from Utilities S$32.0m; Industrial Parks S$20.2m; Resort Ops -S$0.3m; Property Development -S$10.1m; share of associates +S$0.5m.

• Balance sheet: Total assets S$1.91b; total liabilities S$1.24b; equity S$663.3m; NAV per share 11.98 cents (vs 12.41 cents end-2024).

• Cash flow: Operating cash inflow S$73.5m (vs outflow S$22.8m); investing outflow S$11.7m; financing inflow S$2.7m; cash and equivalents S$162.1m (vs S$97.7m start-period).

• Leverage/liquidity: Borrowings S$493.2m (non-current S$419.3m; current S$73.8m); unutilised credit facilities ~S$30m; group net current assets S$585.1m.

• Shares/EPS: Basic EPS 0.373 cents; diluted 0.356 cents (assumes 250m convertibles); shares outstanding 5.463b; treasury shares unchanged.

• Dividend: No interim dividend recommended; cash conserved to develop Industrial Parks and Utilities.

• Outlook: Management deems going-concern appropriate; focus on funding access, receivables collection, and expansion of core Utilities/Industrial Parks; resort operations seasonally stronger in Q1, June, December.