Pavillon Holdings swings to FY2025 net loss of S$26.3m on S$24.7m investment‑property hit, even as operating cash flow more than doubles to S$4.1m
Summary:
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FY2025 revenue fell 7% to S$16.3 million, driven mainly by weaker Singapore F&B takings, while Group net loss widened to S$26.3 million from a S$1.4 million profit in FY2024.
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The result was dominated by a non‑cash S$24.7 million fair value loss on the Group’s PRC investment property as cap rates were raised in the independent valuation, cutting its book value to S$71.7 million from S$98.0 million.
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Despite the headline loss, operating cash flow rose to S$4.1 million from S$3.1 million, supported by non‑cash charges and working‑capital management, while cash and cash equivalents nearly doubled to S$14.9 million.
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Net assets fell to S$43.0 million (NAV 3.45 cents per share) from S$60.5 million, with non‑controlling interests swinging to a negative S$6.5 million as accumulated losses deepened across the property platform.
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Total borrowings eased to S$46.2 million from S$48.3 million but leverage remains high against a smaller equity base; the board did not declare any dividend for FY2025.