Link: https://links.sgx.com/1.0.0/corporate-announcements/LTZWBXX9RR2WTMNK/f90a5e42524aa74744df30c7f5b9881e0d62c3ed9bd42dcd54a04f3b20777184

Summary:

• Revenue: S$192,000 (down 92.7% vs. S$2.63m FY2024), as demand dropped across all business segments.

  • Luxury goods: S$29,000 (down 98.7%)

  • Distribution: S$161,000 (down 50.3%)

  • Loan financing: S$2,000 (down 83.3%)

• Gross Profit: S$62,000 (margin 32.3%, up from 1.6%); gross profit improved due to cost control.

• Net Loss: S$198,000 (narrowed considerably from FY2024’s S$3.51m loss). Loss per share: (0.01) cent.

• Balance Sheet:

  • Net asset value per share: 0.01 cent (unchanged)

  • Total assets: S$20.04m (down from S$20.22m)

  • Cash & equivalents: S$147,000 (up from S$47,000)

  • Borrowings: S$2.32m (secured, working capital loans, some pledged on property)

  • Current liabilities: S$6.99m (slight increase)

  • Equity: S$248,000 (down from S$342,000)

  • No movement in share capital (still 2,993,580,045 shares issued)

• Cash Flow: Net cash generated from operations S$126,000; closing cash S$147,000.

• Dividend: None recommended/paid (same as FY2024) due to loss position.

Business Review & Outlook:

• Revenue decline was most severe in luxury and loan financing from weak consumer demand and intensifying competition, compounded by global macroeconomic headwinds.

• Distribution segment for electronics consumables faces challenges from US tariffs and a major Singapore customer scaling back.

• Company will focus on seeking new customers and market regions for both distribution and luxury trades.

• Loan financing in Hong Kong faces increased virtual banking competition, but younger borrowers are a potential growth area.

• No material change in segment assets or liabilities aside from reduced inventories and receivables (from collection).

• The Board confirms all outstanding audit issues have been disclosed and the company continues to address them.

Summary: Revenue collapsed, but management preserved gross margin and dramatically narrowed losses. The company remains in a challenging, loss-making position and did not declare a dividend for FY2025.