- Established in 1974
- Singapore - Korea - China - Malaysia - Vietnam
United Arab Emirates - Azerbaijan - United Kingdom
Financials Results
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Revenue
FY2025 vs FY2024
For the 12 months ended 31 March 2025 ("FY2025"), the Group's revenue was S$58.1 million, a decrease of S$16.4 million or 22.0% from S$74.5 million for the corresponding period ended 31 March 2024 ("FY2024").
2H FY2025 vs 2H FY2024
For six months ended 31 March 2025 ("2H FY2025"), the Group's revenue was S$28.3 million, a decrease of S$5.4 million or 15.9% from S$33.7 million in the corresponding period ended 31 March 2024 ("2H FY2024").
Gross profit
FY2025 vs FY2024
The Group reported gross profit of S$14.8 million in FY2025, a decrease of S$1.2 million or 7.4% from a gross profit of S$16.0 million in FY2024. Gross profit margin increased from 21.5% in FY2024 to 25.5% in FY2025.
2H FY2025 vs 2H FY2024
The Group reported gross profit of S$7.0 million in 2H FY2025, a decrease of S$0.3 million or 4.5% from a gross profit of S$7.3 million in 2H FY2024. Gross profit margin increased from 21.7% in 2H FY2024 to 24.6% in 2H FY2025.
Distribution costs
FY2025 vs FY2024
Distribution costs decreased by S$1.0 million or 11.8% from S$8.6 million in FY2024 to S$7.6 million in FY2025.
2H FY2025 vs 2H FY2024
Distribution costs decreased by S$0.9 million or 19.9% from S$4.5 million in 2H FY2024 to S$3.6 million in 2H FY2025 due to conƟnued efficiency improvements and cost control.
Administrative expenses
FY2025 vs FY2024
Administrative expenses decreased by S$3.2 million or 17.0% to S$15.8 million in FY2025 from S$19.0 million in FY2024.
2H FY2025 vs 2H FY2024
Administrative expenses decreased by S$1.5 million or 17.0% to S$7.6 million in 2H FY2025 compared to S$9.1 million in 2H FY2024.
Other operating income
FY2025 vs FY2024
Other operating income in FY2025 remained relaƟvely unchanged at S$0.4 million in FY2025 as compared to FY2024.
2H FY2025 vs 2H FY2024
Other operating income decreased by S$0.1 million or 35.2% from S$0.3 million in 2H FY2024 to S$0.2 million in 2H FY2025.
Other operating expenses
FY2025 vs FY2024
Other operating expenses decreased by S$0.5 million or 34.9% to S$0.9 million in FY2025 compared to S$1.4 million in FY2024.
2H FY2025 vs 2H FY2024
Other operating expenses decreased by S$1.8 million to an income of S$0.4m in 2H FY2025 compared to S$1.4 million in 2H FY2024.
Impairment loss on trade receivables
FY2025 vs FY2024 and 2H FY2025 vs 2H FY2024
Reversal of impairment loss on trade receivables of S$0.1 million and S$0.4 million were recognised in FY2025 and 2H FY2025 respectively, as compared to impairment loss of S$0.5 million in both FY2024 and 2H FY2024.
Impairment loss on property, plant and equipment, right-of-use assets and intangible assets
FY2025 vs FY2024 and 2H FY2025 vs 2H FY2024
There was no material impairment loss recognised on property, plant and equipment, right-of-use assets and intangible assets in FY2025 and 2H FY2025. Impairment loss of S$9.9 million was recognised in both FY2024 and 2H FY2024.
Finance cost
FY2025 vs FY2024 and 2H FY2025 vs 2H FY2024
Finance costs decreased by S$0.3 million or 24.9% from S$1.5 million in FY2024 to S$1.2 million in FY2025, and decreased by S$0.3 million or 33.2% from S$0.8 million in 2H FY2024 to S$0.5 million in 2H FY2025.
Share of results of an associate, net of tax
FY2025 vs FY2024 and 2H FY2025 vs 2H FY2024
In FY2025 and 2H FY2025, the Group recognized share of loss of an associate, net of tax, of S$0.1 million.
Loss for the period
FY2025 vs FY2024
In FY2025, the Group reported a loss before income tax of S$10.2 million, a decrease of S$14.3 million or 58.4% from the loss before income tax of S$24.5 million in FY2024.
2H FY2025 vs 2H FY2024
In 2H FY2025, the Group reported a loss before income tax of S$3.8 million, a decrease of S$14.8 million from a loss before income tax of S$18.6 million.
Total comprehensive income for the period
FY2025 vs FY2024
The total comprehensive loss for FY2025 was S$7.4 million compared to a total comprehensive loss of S$25.2 million for FY2024.
In FY2025, the Group recorded a revaluaƟon gain of S$2.3 million from an increase in the fair value of the property at 156 Gul Circle, Singapore 629613.
2H FY2025 vs 2H FY2024
The total comprehensive loss for 2H FY2025 was S$1.6 million compared to total comprehensive loss of S$19.0 million in 2H FY2024.
Current assets
Current assets at the Group level decreased by S$13.8 million or 25.1% from S$55.1 million as at 31 March 2024 to S$41.3 million as at 31 March 2025. This was mainly due to: (i) a decrease in inventories by S$5.9 million; (ii) a decrease in receivables of S$5.6 million; and (iii) a decrease in cash and cash equivalents of S$3.1 million, offset by an increase in contract assets of S$0.7 million.
Current assets at the Company level decreased by S$3.5 million or 53.9% due to a decrease in receivables of S$1.8 million, a decrease in cash and cash equivalents of S$0.9 million and a decrease of S$0.8 million in contract assets.
Non-current assets
Non-current assets at the Group level decreased by S$5.4 million or 9.1% from S$58.7 million as at 31 March 2024 to S$53.3 million as at 31 March 2025. The decrease was mainly due to a decrease of S$5.7 million in property, plant and equipment. The decrease in non-current assets was offset by an increase of S$0.4 million in right-of-use assets.
Non-current assets at the Company level as at 31 March 2025 increased by S$1.0 million or 0.6% from S$156.5 million as at 31 March 2024 to S$157.5 million as 31 March 2025.
Current liabilities
Current liabilities at the Group level decreased by S$11.1 million or 27.8% from S$40.1 million as at 31 March 2024 to S$29.0 million as at 31 March 2025. The decrease was mainly due to repayment of S$5.2 million in bank borrowings and a reduction of S$5.5 million in trade and other payables.
Other Payables of S$11.3 million as at 31 March 2024 at the Group level are mainly:
Other Payables of S$9.8 million as at 31 March 2025 at the Group level are mainly:
Current liabilities at the Company level increased by S$0.8 million or 14.9% from S$5.6 million as at 31 March 2024 to S$6.4 million as at 31 March 2025.
Non-current liabilities
Non-current liabilities at the Group level decreased by S$0.7 million or 6.5% from S$9.8 million as at 31 March 2024 to S$9.1 million as at 31 March 2025. The decrease was mainly due to a decrease of S$0.5 million in lease liabilities and a decrease of S$0.1 million in deferred tax liabilities.
Capital, reserves and non-controlling interests
Shareholders’ equity decreased by S$7.4 million or 11.6% from S$63.9 million as at 31 March 2024 to S$56.5 million as at 31 March 2025 due to total comprehensive loss of S$7.4 million incurred in FY2025.
The cash and cash equivalents at 31 March 2025 decreased by S$2.8 million or 36.8% from S$7.5 million as at 31 March 2024 to S$4.7 million as at 31 March 2025.
Net cash generated from operating activities
Net cash of S$1.7 million was generated from operating activities in FY2025 as compared to S$6.7 million in FY2024. Net cash used in operating cash before changes in working capital in FY2025 was S$3.5 million as compared to S$4.7 million in FY2024.
Net working capital inflow was S$5.3 million in FY2025 as compared to S$11.7 million in FY2024. The net working capital inflow in FY2025 was mainly contributed by i) a decrease in trade and other receivables of S$5.5 million and ii) a decrease in inventories of S$4.5 million, offset by i) a decrease in trade and other payables of S$3.7 million and ii) an increase in contract assets of S$0.7 million. Net working capital inflow in FY2024 was mainly contributed by i) a decrease in trade and other receivables of S$7.2 million; ii) a decrease in inventories of S$5.0 million; iii) a decrease in contract assets of S$2.0 million, offset with a decrease in trade and other payables of S$2.4 million.
Net cash generated from / (used in) investing activities
Net cash of S$4.4 million was generated from investing activities in FY2025 as compared to S$15,000 used in investing activities in FY2024.
Net cash used in financing activities
Net cash of S$8.5 million was used in financing activities in FY2025 as compared to S$4.3 million in FY2024. The net cash used in FY2025 was mainly due to repayment of bank borrowings and interest of S$5.7 million, repayment of lease liabilities and interests of S$2.1 million, repayment of short-term advance of S$2.0 million for a shareholder, offset by S$1.0 million short-term advance from a shareholder. The net cash used in FY2024 was mainly due to repayment of bank borrowings and interest of S$5.4 million, repayment of lease liabiliƟes and interest of S$2.2 million, offset with short-term advance of S$3.0 million from a shareholder.
The Group's ongoing efforts to reduce trade receivables and inventory, pay down debt, drive efficiencies in its supply chain of goods and services to beƩer serve customers and reducƟon of overhead expenditure have contributed positively to the Group's performance.