Link: https://links.sgx.com/1.0.0/corporate-announcements/XB1LMNCDSS52OAI6/4e2bc107d6bc7d2abd6e17ea3bdf3eeeed31ccf244bba098d4f333c74a752021

Summary:

• The group restructured its business, prioritizing operating assets over financing services, and acquired Saint Pearl Travel Products, turning luggage manufacturing into its primary revenue driver.

• Revenue surged to HK$79.3 million for the 18 months ending 30 June 2025, led by OEM and ODM travel products and the launch of the proprietary “Open Water” luggage brand.

• Net loss widened to HK$30.0 million, attributed to acquisition-related goodwill impairment, higher production costs, and below-expected sales volumes in new segments.

• The Golf Business was streamlined, shifting to multi-brand dealership and expanding retail/repair services, though challenges persisted amid China’s weak consumer sentiment.

• Group assets totaled HK$130.1 million with solid liquidity, supported by a new bank facility and capital contributions, positioning for future operational scalability.

• The board’s outlook remains focused on restoring profitability by balancing brand development and market expansion in luggage, as well as integrating golf venue offerings for diversified growth.