Link: https://links.sgx.com/1.0.0/corporate-announcements/VJSGFEQ377V5I1WM/5294f2282d60767738df4ac7fed7bd5fdf197aa5544c7b5fe7550c35dc504afa

Summary:

• Revenue: S$306.1 million (down 1% YoY); Bakery S$220.6m (flat), Distribution & Warehousing S$79.5m (-3%); royalty from JV GBKL S$3.3m (+3%).

• Profit: Profit before tax S$6.5m (-62%); profit after tax S$4.2m (-66%); PATMI S$3.9m (-69%); EPS 0.7 cents (vs 2.2 cents).

• EBITDA/margins: Group EBITDA S$17.4m (-38%); EBITDA margin 6% (vs 9%); Bakery EBITDA S$19.3m (margin 9%), D&W EBITDA S$3.2m (margin 4%).

• JV impact: Share of loss from GBKL S$1.0m (includes non-cash impairment S$1.9m on JV investment; accumulated impairment to-date ~S$17.6m).

• Costs/FX: Other operating expenses up 16% to S$36.5m (higher leases, impairment, and FX translation loss S$3.0m); staff costs +4% with wage hikes in Malaysia; finance costs -36% to S$0.7m.

• Cash flow: Net cash from operations S$19.8m; investing outflow S$8.3m (capex); financing outflow S$29.5m (incl. S$23.0m dividends); net cash decrease S$20.8m to S$188.6m.

• Balance sheet: Total assets S$612.6m; total liabilities S$134.8m; equity S$477.8m; NAV per share 82.7 cents (vs 86.9 cents at end-2024); net cash position S$162.4m after leases.

• Dividends: Interim dividend 1.0 cent per share (1.0 cent last year); scrip dividend scheme not applied; payment and book closure dates to be announced.

• Outlook: Softer consumer sentiment and elevated operating costs expected to persist; focus on product mix, new launches, and efficiencies; FX volatility remains a risk.