Link: https://links.sgx.com/1.0.0/corporate-announcements/UIHA2LW23AQMX71J/dc68ee43a69ab5ebd01d3e55f843182ca9ae3fb5fafdbd0f3e4a56dae735460b

Summary:

• Revenue: S$60.5 million for continuing manufacturing operations (+10.4% YoY); total group revenue down 52% vs 1H24 due to discontinuation of Supply Chain Management (SCM) segment. Singapore S$28.0m (+33%), China S$15.3m (-4%), Malaysia S$17.2m (-3%).

• Profit/Loss: Loss before tax S$9.9m (vs LBT S$0.3m); net loss S$9.6m (vs profit S$0.07m). Excluding FX and one-offs (professional fees, bad debts, Zhuhai closure), operating loss S$1.4m; EBITDA before FX/one-offs S$2.3m (vs S$3.0m).

• Margins/costs: Gross profit S$6.85m (-2.8%); manufacturing gross margin 11.3% (vs 12.9%). Selling & admin S$11.9m (+29%) on investigations/EGM-related professional fees (+S$2.2m) and S$0.55m bad debt. Other op items swung to S$6.1m expense on FX losses and S$3.0m Zhuhai closure provision.

• Cash flow: Operating cash outflow S$4.6m (vs inflow S$4.0m); investing outflow S$2.0m (capex S$2.8m); financing outflow S$0.6m. Period-end cash and deposits S$46.1m (cash equivalents S$46.0m).

• Balance sheet: Total assets S$168.5m; liabilities S$43.5m; equity S$125.0m. NAV per share 16.40 cents (vs 17.87 cents end-2024). Net cash position maintained.

• Operations/projects: Secured S$23.2m of new projects in 1H25 (tooling and moulding across SG/MY/CN; export tooling for drug delivery device). Consolidating China footprint with Zhuhai facility closure/liquidation.

• FX/hedging: Net FX loss S$2.84m from USD depreciation vs SGD/MYR; plans to mitigate FX risk via operational measures and financial hedging.

• Segments: LBT by geography – Singapore -S$5.2m, China -S$5.4m; Malaysia PBT S$0.7m.

• Dividends: No interim dividend due to losses.

• Outlook: Expect professional fees to decline in 2H25; focus on cost structure, hedging, and executing secured projects; cautious on macro/tariff headwinds.