Link: https://links.sgx.com/1.0.0/corporate-announcements/L3YUYH8ALHDYRHW9/eb871b623ac4ab1880aa4ab72e4c5ca50d6640a2f2da148772b27bc60f019fa0

Summary:

• Revenue for the nine months ended 30 September 2025 decreased 2.2% year-on-year to S$152.97 million, reflecting softer consumer sentiment and inflationary pressures.

• Gross profit margin stable at 27.8% (from 27.9%); group continues to emphasize concession sales (82.5% of merchandise) and improved food & beverage sales.

• Net profit attributable to owners dropped 20.5% to S$14.6 million; earnings per share fell to 2.16 cents (from 2.72 cents).

• Total expenses rose 2.2% due to increased staff costs (8.1% higher on minimum wage hikes and business expansion), higher rental/service tax, and depreciation from private label business growth.

• Operating cash flow strong at S$28.3 million; cash and short-term deposits at S$86.4 million, down from S$124.9 million due to mid-year dividend payout and debt repayments.

• Group remains in net current liabilities position of S$9.6 million (driven by dividend payout and repayments).

• No interim dividend declared—to conserve cash for working capital and future expansion amid industry uncertainty.

• Outlook: cautious, with management focused on cost control and expanding store network despite continued economic headwinds and shifting consumer spending habits.