Link: https://links.sgx.com/1.0.0/corporate-announcements/KKNJAK8YAX16293D/00af3c2e212be5d3f480da55a8dc064356b9ed9e293e92bb908b7236464b1f2f

Summary:

• Group revenue dropped to S$181.8 million (from S$279.1 million in 1H2024), mainly due to an 80% decrease in Development Properties segment as the Pasir Ris 8 project was completed last year.

• Retail & Office revenue increased 36% year-on-year to S$110.2 million, thanks to new openings (Pasir Ris Mall) and acquisitions (The Seletar Mall, Johor Bahru City Square Mall).

• Distribution and selling expenses rose due to costs for showflat construction and maintenance for Promenade Peak project.

• Finance costs increased due to higher borrowings for new developments; loss in fair value of derivative assets from new interest rate swaps as part of risk management, reflecting temporary market conditions.

• Net gearing ratio slightly improved from 0.61 to 0.58 times; net asset value per share decreased to S$1.98 (from S$2.01 at end-2024).

• Non-current liabilities rose and current liabilities fell, mainly due to refinancing of maturing borrowings during the period.