Condensed Interim Financial Statements For The Six Months Ended 30 September 2024
Financials Archive
Condensed Interim Consolidated Income Statement
For the six months ended 30 September 2024
Condensed Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 September 2024
Condensed Interim Balance Sheets
As at 30 September 2024
REVIEW OF PERFORMANCE OF THE GROUP
Condensed interim consolidated income statement
REVENUE
PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY
- The Ship Owning segment recorded lower revenue and profit in the six months ended 30
September 2025 (“1H FY2025”) mainly due to off-hire of vessels as a result of operational
issue.
- The Agency and Logistics segment reported higher revenue and operating profits
contributed by higher margin special projects.
- Higher finance and investment income arising from higher interest income earned from
fixed deposits and fair value gain on investment securities.
- Exchange differences mainly arise from Singapore Dollar Fixed Deposits resulted from
Singapore Dollar appreciated against US Dollar.
Condensed interim consolidated balance sheet
- Reduction in value of property, plant and equipment was due to depreciation of vessels,
partially offset by capitalisation of drydocking expenditure.
- Reduction in bank borrowing was due to progressive repayments made during the financial
period.
Condensed interim consolidated statement of cash flows
Overall the increase of US$10.8 million in cash and cash equivalents was mainly due to
operating cash inflows, after considering the following:
- Repayment of bank borrowing;
- Payment of dividends to shareholders; and
- Payment of drydocking expenditure.
Commentary
- The Group continues to record stable results in its ship owning segment. We are optimistic to enjoy higher charter rate in the near term.
- Agency and logistics segment recorded sporadic improvement in its business volume since the last financial period.
- The Group continues to evaluate investment opportunities. Net of cash, we have no gearing.
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