Link: https://links.sgx.com/1.0.0/corporate-announcements/N584EPBACSR2UTN3/6cee9942f23641656a11fe1423a6c6e6470e505e99323cd8184ceff00b9cc958

Summary:

• Group revenue fell 85% to S$38.7 million for the six months ended July 31, 2025, from S$257.9 million a year ago, mainly due to the near-completion and sale-out of the Klimt Cairnhill property project.

• The Property Development segment recognized only S$6.9 million revenue versus S$225.4 million prior year, as almost all project revenue for Klimt Cairnhill was booked earlier; only the final 1% was recognized this period.

• Hotel segment revenue dipped slightly (S$22.6 million vs. S$23.0 million) due to lower average rates at Singapore serviced apartments, but saw profit swing from S$1.1 million loss to S$0.4 million profit on reduced costs and improved operations at Duxton Hotel Perth.

• Investment segment revenue decreased to S$9.2 million (vs. S$9.5 million) mainly from tenant changes at Paya Lebar Square, though full occupancy was maintained.

• Group posted net loss of S$10.2 million vs. prior year’s S$5.8 million profit, impacted by project wind-down, fair value losses, FX losses, and higher tax expenses.

• Gross profit dropped to S$7.1 million (vs. S$35.5 million), though gross margin rose to 18% from 14% due to higher-margin segment mix.

• Borrowings reduced substantially by S$119 million to S$329 million; net gearing improved to 0.32.

• Cash and cash equivalents + fixed deposits rose to S$142.6 million, driven by progress billings from Klimt Cairnhill.

• Canberra Crescent Residences JV project launched in July 2025 with over 50% units sold; ongoing proactive landbank and investment strategies to support future growth.

• No dividend declared for the period, in keeping with usual Group practice.