Financials
Half Year Results Financial Statement And Related Announcement
Financials Archive
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Interim Financial Statements for the six months period ended 30 June 2025
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
The Group |
|||
30 Jun 25 |
31 Dec 24 |
||
S$'000 |
S$'000 |
||
| ASSETS | |||
| Current assets | |||
| Cash and bank balances | 17,452 |
19,559 |
|
| Financial assets at fair value through profit or loss | 5,851 |
6,493 |
|
| Financial assets at fair value through other comprehensive income |
3,099 |
5,166 |
|
| Trade receivables | 2,316 |
2,308 |
|
| Other receivables, deposits and prepaid expenses | 2,950 |
1,920 |
|
| Inventories | 858 |
885 |
|
| Income tax recoverable | 102 |
69 |
|
| Total current assets | 32,628 |
36,400 |
|
| Non-current assets | |||
| Subsidiaries | - |
- |
|
| Financial assets at fair value through other comprehensive income |
19,341 |
19,424 |
|
| Other assets | 955 |
916 |
|
| Property, plant and equipment | 706,391 |
711,161 |
|
| Investment properties | 130,910 |
130,424 |
|
| Total non-current assets | 857,597 |
861,925 |
|
| Total assets | 890,225 |
898,325 |
|
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Bank loans | 4,415 |
5,234 |
|
| Trade payables | 2,768 |
5,018 |
|
| Other payables | 6,002 |
5,319 |
|
| Income tax payable | 2,246 |
2,189 |
|
| Total current liabilities | 15,431 |
17,760 |
|
| Non-current liabilities | |||
| Other payables | 39 |
37 |
|
| Retirement benefit obligations | 411 |
398 |
|
| Long-term bank loans | 154,728 |
157,461 |
|
| Deferred tax liabilities | 12,214 |
12,213 |
|
| Total non-current liabilities | 167,392 |
170,109 |
|
| Capital and reserves | |||
| Share capital | 190,836 |
190,836 |
|
| Asset revaluation reserve | 414,415 |
414,415 |
|
| Employee benefit reserve | 57 |
57 |
|
| Fair value reserve | 17,738 |
18,120 |
|
| Foreign currency translation reserve | (21,521) |
(19,152) |
|
| Retained earnings | 105,877 |
106,180 |
|
| Total equity | 707,402 |
710,456 |
|
| Total liabilities and equity | 890,225 |
898,325 |
|
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the six months period ended 30 June
The Group |
|||
First Half-Year Ended 30 June |
|||
2025 |
2024 |
+ / (-) |
|
S$'000 |
S$'000 |
% |
|
| Revenue | 35,328 |
32,543 |
8.6 |
| Cost of sales | (16,598) |
(15,300) |
8.5 |
| Gross profit | 18,730 |
17,243 |
8.6 |
| Other income | 447 |
1,974 |
(77.4) |
| Distribution and marketing expense | (602) |
(621) |
(3.1) |
| Administrative expenses | (11,148) |
(9,926) |
12.3 |
| Other expenses | (221) |
(10) |
>100 |
| Finance costs | (3,246) |
(3,835) |
(15.4) |
| Profit before income tax | 3,960 |
4,825 |
(17.9) |
| Income tax expense | (1,166) |
(1,364) |
(14.5) |
| Profit for the period, attributable to owners of the Company |
2,794 |
3,461 |
(19.3) |
| Earnings per ordinary share (cents): | |||
| Basic | 2.31 |
2.86 |
(19.2) |
| Diluted | 2.31 |
2.86 |
(19.2) |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
For the six months period ended 30 June
The Group |
||||||
First Half-Year Ended 30 June |
||||||
2025 |
2024 |
+ / (-) |
||||
S$'000 |
S$'000 |
% |
||||
| Profit for the period | 2,794 |
3,461 |
(19.3) |
|||
| Other comprehensive income: | ||||||
| Items that will not be reclassified subsequently to profit or loss | ||||||
| Net fair value gain on investments in equity instruments designated as at fair value through other comprehensive income |
(213) |
818 |
n.m. |
|||
| Items that may be reclassified subsequently to profit or loss | ||||||
| Exchange differences on translation of foreign operations | (2,369) |
(4,803) |
(50.7) |
|||
| Other comprehensive loss for the period | (2,582) |
(3,985) |
(35.0) |
|||
| Total comprehensive loss for the period, attributable to owners of the Company |
212 |
(524) |
n.m. |
|||
n.m.: not meaningful
Review Of Group Performance
Condensed Interim Statement of Profit or Loss
REVENUE
Revenue comprises the following:
The Group |
|||
First Half-Year Ended 30 June |
|||
2025 |
2024 |
+ / (-) |
|
S$'000 |
S$'000 |
% |
|
| Room revenue | 25,105 |
22,541 |
11.4 |
| Food and beverage revenue | 4,409 |
3,640 |
21.1 |
| Spa revenue | 249 |
289 |
(13.9) |
| Rental income from: | |||
| Investment properties | 3,430 |
3,727 |
(8.0) |
| Within premises | 1,392 |
1,362 |
2.2 |
| Car park revenue | 203 |
210 |
(3.4) |
| Interest income from outside parties | 83 |
31 |
>100 |
| Dividend income from: | |||
| Quoted equity investments (gross) | 205 |
180 |
13.9 |
| Others | 252 |
563 |
(55.3) |
| Total | 35,328 |
32,543 |
8.6 |
Group room revenue increased by 11.4% for 1H 2025 compared to 1H 2024, mainly due to improved room occupancy and upward adjustment of room rates in some of the Group's hotel. The increase was further improved by additional room inventory contributed by a hotel in Malaysia.
Food and beverage revenue
The increase in food and beverage revenue by 21.1% for 1H 2025 compared to 1H 2024 was mainly due to higher breakfast sales driven by increased occupancy rates, as well as stronger restaurant revenue contributions from a hotel in Malaysia.
Rental income from investment properties
Rental income from investment properties decreased by 8.0% for 1H 2024 compared to 1H 2024, mainly due to absence of a one-off revenue recognition from a property in Malaysia.
Rental income from within premises
The increase in rental income from within premises by 2.2% for 1H 2025 compared to 1H 2024 was mainly due to higher rental income resulting from improved occupancy rates.
Cost of Sales
The increase in cost of sales by 8.5% for 1H 2025 compared to 1H 2024 was in line with the increase in revenue, reflecting higher operating costs incurred to support increased business activities across the Group's hotels.
Other income
The decrease in other income by 77.4% for 1H 2025 compared to 1H 2024 was mainly due to the absence of foreign exchange gains recognised during the current financial period.
Distribution and marketing expense
TThe decrease in distribution costs by 3.1% for 1H 2025 compared to 1H 2024 was mainly due to lower sales and marketing expenses incurred through travel agents and online reservation portals in the Group's hotels.
Administrative expenses
The increase in administrative expenses by 12.3% for 1H 2025 compared to 1H 2024 was mainly due to higher overhead expenses, especially the payroll costs, in the Group's hotels, as well as the impact of a full six months of operations at a hotel in Malaysia.
Other expenses
The increase in other expenses for 1H 2025 compared to 1H 2024 was primarily due to foreign exchange losses of S$212k, mainly arising from revaluation of fund investments denominated in USD, following the depreciation of the USD against the SGD.
Finance costs
The decrease in finance costs by 15.4% for 1H 2025 compared to 1H 2024 was mainly due to lower interest rates in FY2025 as most of the Group's borrowings are repriced at short intervals.
Income tax expense
The 14.5% decrease in income tax expense for 1H 2025 compared to 1H 2024 was in line with lower profits during the period.
Profit after income tax
The Group recorded a decline in profit after tax for the first half of 2025, primarily attributable to foreign exchange loss as compared to a foreign exchange gain in the prior period. Excluding the impact of foreign exchange, adjusted profit after tax increased to S$3.006 million, compared to S$1.958 million in the corresponding period of 2024, reflecting a year-on-year improvement of S$1.048 million, driven by stronger underlying operational performance.
The Group |
|||
First Half-Year Ended 30 June |
|||
2025 |
2024 |
+ / (-) |
|
S$'000 |
S$'000 |
% |
|
| Profit after income tax | 2,794 |
3,461 |
(19.3) |
| Net foreign exchange adjustment loss (gain) | 212 |
(1,503) |
n.m. |
| Adjusted profit after income tax | 3,006 |
1,958 |
53.5 |
for the six months period ended 30 June
The Group |
|||
Net profit (loss) |
|||
2025 |
2024 |
+ / (-) |
|
S$'000 |
S$'000 |
% |
|
| Hotel operations | 6,155 |
7,280 |
(15.5) |
| Property investments | 905 |
1,077 |
(16.0) |
| Financial investments | 146 |
303 |
(51.8) |
| Segments total | 7,206 |
8,660 |
(16.8) |
| Finance costs | (3,246) |
(3,835) |
(15.4) |
| Profit before income tax | 3,960 |
4,825 |
(17.9) |
| Income tax expense | (1,166) |
(1,364) |
(14.5) |
| Profit after income tax | 2,794 |
3,461 |
(19.3) |
The hotel operations segment recorded a decrease in net profit of S$1.125 million, from S$7.280 million in 1H 2024 to S$6.155 million in 1H 2025. This reduction was primarily attributable to the foreign exchange gains recorded in the first half of 2024.
The property investment segment recorded a decline in net profit of S$0.172 million, falling to S$0.905 million in the first half of 2025. This decrease was mainly attributable to the absence of one-off revenue recognition from the Malaysia investment properties.
The financial investment segment reported a decrease in net profit of S$0.157 million, declining to S$0.146 million in the first half of 2025 compared to the previous period. This decline was primarily driven by foreign exchange losses arising from investments denominated in USD.
Condensed Interim Statement of Financial Position
Total assets (Group) as at 30 June 2025 decreased by $8.100 million from $898.325 million to $890.225 million.
The decrease was mainly due to:
- Decrease in cash and bank balances and investments of $4.899 million, primarily attributable to cash used for dividend payments and repayment of bank borrowings; and
- Decrease in property, plant and equipment of $4.770 million was mainly due to depreciation charged during the financial period and translation losses resulting from weakening of MYR and THB against SGD.
The decrease was offset by:
- The increase in other receivables of $1.030 million was due to deposits paid during the financial period.
Total liabilities (Group) as at 30 June 2025 decreased by $5.046 million from $187.869 million to $182,823 million.
The decrease was mainly due to:
- Decrease in bank loans of $3.552 million was due to net principal loan repayment during the financial period.
- Decrease in trade and other payables of $1.565 million was due to repayment during the financial period.
Condensed Interim Statement of Cash Flows
Net cash from operating activities was derived from the operating activities of the hotel, investment properties and fund management.
Net cash used in investing activities was primarily due to renovation works for Hotels in Singapore, Malaysia and Thailand.
Net cash used in financing activities was mainly due to dividend payments and net principal loan repayment.
Outlook
During the first half of 2025, the Group recorded a revenue of $35.328 million, representing an 8.6% increase from the corresponding period in the previous year. The increase in revenue was primarily driven by heightened travel demand and the additional room inventory in a hotel in Malaysia. While this supported topline performance, external tourism conditions across the region remained mixed - Singapore saw modest recovery in total international visitor arrivals by approximately 1.9%, Malaysia led early growth but cooled in second quarter, while Thailand under-performed, with total international visitor arrivals declining by approximately 6% year to date.
Looking ahead to the second half, the Group anticipates moderate growth. Cautious optimism stems from a soft economic backdrop, including slower GDP growth, fragile recovery in long-haul markets due to global inflation and currency fluctuations and dependence on intra-Asia traffic, which has shown signs of fatigue after post-COVID surges.
The Group will continue to monitor macroeconomic and regional tourism trends closely, while focusing on optimising operational efficiency, revenue diversification, and strategic marketing to mitigate external risks.
