Link: https://links.sgx.com/1.0.0/corporate-announcements/MZOHAGO2RTL3XWHM/a323a43b999b850bf70a795e4262cbb4614c5bd9091d8ce6263f2b62edc2db75

Summary:

• Revenue crashed to S$7.9 million from S$12.9 million as property development sales collapsed to just S$378,000 from S$10.2 million after selling only 4 apartment units versus 84 units in prior year

• Net profit declined 32% to S$378,000 from S$554,000, with earnings per share slipping to 0.068 cents from 0.057 cents despite adding manufacturing segment revenues

• Manufacturing segment contributed S$4.8 million in first full-year consolidation but posted S$162,000 pre-tax loss due to unfavorable product mix with higher costs and lower margins in second half

• Rental income and facility provider segment remained steady performer, generating S$2.79 million revenue while profit surged 26% to S$1.68 million on lower operating expenses

• Property development segment losses deepened to S$717,000 from S$601,000 as business winds down with minimal inventory of S$241,000 remaining versus S$733,000 previously

• Foreign exchange headwinds hammered comprehensive income with S$1.7 million in currency translation losses, primarily from Malaysian Ringgit and Philippine Peso weakness, turning total comprehensive result negative at S$1.4 million loss

• Cash and equivalents declined to S$5.78 million from S$6.28 million despite S$2.0 million operating cash generation, consumed by S$1.3 million manufacturing equipment purchases and S$1.0 million holding company loan repayment

• Net asset value per share eroded to 5.97 cents from 6.12 cents with zero dividend declared for second consecutive year as company preserves resources for working capital and business growth amid accumulated losses