Link: https://links.sgx.com/1.0.0/corporate-announcements/TQF5D3OG7ASV46YO/440d90c9a15455543134aa3329360da8a3548d00495dfd6972f5930a8b6c62a3

Summary:

• Revenue: HK$79.3 million for the 18-month period (preceding 12 months: HK$3.3m). Major boost due to new segments—hard case luggage manufacturing (HK$67.9m, 86% of group) and golf business (HK$6.4m, 8%). Financing business contributed HK$5.0m (6%).

• Net Loss: HK$32.1 million (vs. HK$5.5m loss, prior 12 months). Loss per share: 4.22 HK cents.

• Gross Profit: HK$15.4 million (gross margin ~19%)

• Segment Profit/Loss:

  • Financing business: profit HK$0.87m (prior: HK$0.23m)

  • Golf business: loss HK$5.9m (due to slower China consumer demand, new venue costs)

  • Luggage business: loss HK$19.1m (new venture, not at scale; related party sales comprise ~32% of revenue)

• Cash/Assets: Cash and equivalents at HK$24.4m; net asset value per share 13.33 HK cents (down from 17.52 HK cents).

• Balance Sheet: Total assets HK$132.6m; total equity HK$68.7m; lease liabilities, trade and other payables rose with new business investments; bank loan HK$7.86m secured on luggage subsidiary assets.

• No Dividend Declared

• Key Developments: Completed major acquisitions in golf/luggage businesses; continued strategic shift away from pure lending to diversified consumer/industrial activities. Outstanding audit issues from FY2023 under remediation.

Outlook: Management focuses on scaling the golf and luggage ventures to sustainable profitability, rationalizing costs, and continuing cautious expansion. Financing arm remains stable, but group overall is in investment mode and loss-making for now.