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Condensed Interim Financial Statements For The Six Months And Financial Year Ended 31 March 2024

Financials Archive

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Condensed Interim Consolidated Income Statement For the six months and financial year ended 31 March 2024

Condensed Interim Consolidated Statement of Comprehensive Income For the six months and financial year ended 31 March 2024

Condensed Interim Balance Sheets As at 31 March 2024

Review of Performance

Condensed consolidated income statement



  • Off-hire (drydocking) resulted in lower ship owning revenue and profit in the six months and financial year ended 31 March 2024.
  • Agency and logistics reported lower revenue due to decrease in business volume and lower profits on absence of high margin special projects.
  • Higher finance and investment income arising from higher interest from funds placed in time deposits with banks.
  • In FY2023, we have entered into foreign exchange forward contracts to sell US Dollar. Due to appreciation of US Dollar against Singapore Dollar, this has resulted in realisation of exchange loss in FY2024.

Condensed consolidated balance sheet

  • Reduced value of property, plant and equipment was due to depreciation of vessels, partially offset by capitalisation of drydocking expenditure.
  • Reduced bank borrowings due to progressive repayments made during the financial year.

Condensed consolidated statement of cash flows

Overall increase of US$7.2 million in cash and bank balances was mainly due to cash inflow generated from operating activities. This is in spite of:

  • Repayment of bank borrowings;
  • Payment of dividends to shareholders; and
  • Payment of drydocking expenditure.


  • Excluding planned drydocking off-hire, the Group continues to record stable results in its ship owning segment, which forms majority of its revenue and operating profits.
  • The Group continues to cautiously evaluate investment opportunities. Net of cash, we have no gearing