Financials

Condensed Interim Financial Statements For The Six Months Ended 30 September 2024

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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:

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.