Link: https://links.sgx.com/1.0.0/corporate-announcements/YK23DASNSHLOZL9G/de65dba55ca8f2414130269b9e6c0e3eaaf82c5b2e6157be36dee828afafa4d2

Summary:

• Group revenue for first half 2025 was HK$6.51 billion, down slightly (1%) from HK$6.59 billion in 1H2024.

• Net profit surged to HK$107.7 million (1H2024: HK$28.0 million), with improved EBITDA (up 15% to HK$673.6 million) and profit from operations (HK$329.8 million, margin up to 5.1% from 3.7%).

• Earnings attributable to equity shareholders: HK$11.7 million, reversing a HK$35.9 million loss in 1H2024; EPS: 0.58 HK cents per share (loss of 1.78 cents p.s. in 1H2024).

• Interim dividend: HK$0.02 per share, same as last year.

• Operating results benefited from Group-wide cost controls: administrative expenses fell 11%, distribution costs dropped 29%.

• Net asset per share improved to HK$6.37 (from HK$6.04 at end-2024).

• Strong performance at subsidiary ZERO Group (vehicle logistics, Japan): revenue +8%, after-tax profit +36%. ETHOZ Group saw a 2.4% revenue dip but net profit up 10%.

• Nissan and Subaru operations in Singapore: Nissan remained top 10 best-selling passenger car brand; Subaru Singapore sales up 181% y-o-y, also expanding electrified model lineup.

• Other markets: Challenges in China, Taiwan, Malaysia, and Philippines for Subaru; new Forester hybrid launches in 2H2025 expected to support recovery.

• Net gearing ratio: 49.3% as of June 2025 (up from end-2024).

• Management outlook: cautious optimism, focus on further cost discipline, supply chain adaptability, and new model launches in H2 2025.