Link: https://links.sgx.com/1.0.0/corporate-announcements/IKO6FLKR3DQCOMQ1/505b4e5197379b7cc13a7588f4598022345832485b38dcef7434e3400612205c

Summary:

• Revenue: S$35.61 million (down 5.5% YoY), mainly lower sales in Singapore and Malaysia; exports to other markets increased. House brands S$30.31m; Non-house brands S$5.30m.

• Profit: Profit before tax S$1.46m (vs S$0.80m); profit after tax S$1.17m (vs S$0.58m); EPS 0.36 Singapore cent (vs 0.18 cent).

• Margins/costs: Gross profit S$8.65m (+4.8%); gross margin 24.30% (vs 21.91%); admin expenses S$4.70m (+10%); selling & distribution S$1.80m (-19%); other expenses S$1.26m (-3%).

• Other items: Reversal of loss allowance on trade receivables S$0.24m (vs S$0.12m provision); inventory write-down S$0.34m (vs S$0.41m); finance costs S$0.20m (slightly higher).

• Cash flow: Net cash from operating activities S$3.16m (vs S$4.90m); investing outflow S$0.32m; financing outflow S$1.92m (incl. S$0.65m FY2024 dividend, bank loan repayments); period-end cash S$6.65m.

• Balance sheet: Total assets S$53.47m; total liabilities S$17.55m; equity S$35.92m; NAV per share 11.06 cents (10.91 cents end-2024); net current assets S$21.05m; borrowings S$6.92m (current S$6.35m, non-current S$0.57m).

• Segments/geography: Singapore revenue S$14.03m; Malaysia S$11.96m; Others S$9.62m; non-current assets Singapore S$13.22m, Malaysia S$5.33m.

• Dividend: No interim dividend declared; conserving funds for working capital.

• Outlook: Cautious on geopolitics, trade tensions, and later CNY 2026 timing; focus on cost control, efficiency, and selective growth opportunities.