Miyoshi posts narrower FY2025 net loss of S$3.2m on 17% revenue drop, positive free cash flow and higher other income
Summary:
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FY2025 revenue fell 16.9% to S$32.9m as all segments were hit by weaker demand and lower orders from China and Philippines customers.
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Despite the top-line decline, net loss after tax narrowed slightly to S$3.21m from S$3.43m, helped by a S$0.86m jump in other income to S$2.14m, mainly from S$1.57m gains on disposal and remeasurement of Malaysian land and factories.
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Raw materials and consumables used fell 20.4% in line with lower sales, and other expenses dropped S$1.23m on reduced fair‑value losses, professional fees, FX losses and other costs, partly offset by higher PPE impairments.
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Operating cash outflow was a modest S$0.41m, while investing activities generated S$2.83m from asset disposals, allowing net debt repayment and lease reduction; cash and cash equivalents rose to S$6.0m (including S$1.0m overdraft), and current ratio eased to 1.21x as more borrowings moved into current liabilities.
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Equity attributable to owners declined to S$23.2m (NAV per share 2.00 cents vs 2.23 cents), and the board scrapped a final dividend given the still‑loss‑making core business and a cautious FY2026 outlook amid tariffs, geopolitics and high operating costs, while focusing on cost discipline and its integrated engineering services base.