PCRD FY2025 net loss widens to S$22.4m on lower PCCW dividends; equity slumps to S$6.4m after S$216m payouts, but PCCW stake still deeply in the money
Summary:
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Full‑year revenue, comprising dividends from HKT and Foxdale, tumbled 76% to S$3.0m as Foxdale distributions ceased, while total expenses dipped only 3% to S$17.3m, keeping operating results in the red.
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Share of loss from associates, mainly 22.6%-owned PCCW, was S$7.9m versus S$10.5m a year earlier; finance costs fell 16% to S$11.4m but remained the largest cost line, leaving FY2025 loss before tax at S$22.2m and net loss at S$22.4m (FY2024: S$15.7m loss).
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Group equity collapsed from S$258.8m to S$6.4m after S$216.0m of ordinary dividends (8.16 cents per share) and negative OCI, even though the fair value of the PCCW stake exceeds its carrying amount by about S$1.34bn, so no impairment was recognised.
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Net borrowings jumped to S$285.6m (2024: S$193.3m) on higher secured HKD revolving loans; these are collateralised by PCCW and HKT holdings with a combined market value of about S$679m, giving lenders substantial cover.
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Operating cash flow stayed negative at S$7.0m outflow, but was more than offset by S$131.7m net cash from investing (mainly PCCW and HKT dividends and Exoduspoint redemption proceeds), enabling heavy shareholder distributions even as the board flags that future dividend payments and continued equity‑accounting losses could further deplete reported equity.