Link: https://links.sgx.com/1.0.0/corporate-announcements/7Q685VZRLGZYM5EQ/499cc829f71a2c08eebaa0b528897bac5ba85ef3a9984ca719b879f74e887c10

Summary:

• Revenue: Up 1.8% year-on-year to S$9.35 million for the six months ended 30 Sep 2025, driven by new tenancies, non-recurring fees from outgoing tenants, and higher property tax billed to tenants, partly offset by non-renewals and lower electricity income.

• Net profit: S$1.2 million (vs S$2.21 million loss last year); EPS: 0.08 cents (vs –0.14 cents).

• Gross and operating profit: Operating profit up 11.3% to S$5.8 million. Expenses fell 28% (lower finance costs, utility, and legal costs; higher staff and depreciation).

• Finance costs: Cut 31% to S$6.3 million as bank loans repriced to lower rates.

• Cash and cash equivalents: Up to S$91.4 million; operating cash inflow S$6.2 million; strong balance sheet with S$278 million equity and S$560 million investment properties.

• Borrowings: S$324.3 million (secured against investment property); shareholder loans S$52.2 million.

• NAV per share: 17.5 cents (up from 17.4); total issued shares 1.59 billion.

• No interim dividend. Board maintains cautious outlook, citing priority on interest costs, building reserves, and retaining flexibility for future property investments despite positive results.