Financials

Condensed Interim Financial Statements For The Six Months And Financial Year Ended 31 March 2025

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Condensed consolidated income statement

REVENUE

PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY

Higher revenue and profit for ship owning in the full financial year ended 31 March 2025 was mainly due to the absence of off-hire due to drydocking in the previous financial year. Further, the higher revenue and profit in 2H FY2025 were also due to the Group obtaining a waiver of the off-hire claim arising from an operational issue on a vessel in July 2024, amounting to US$0.6 million;
The Agency and Logistics segment recorded higher revenue and operating profit in FY2025 mainly due to high-margin special projects. Revenue and profit were lower for 2H FY2025 due to decrease in business activities;
Lower finance and investment income attributed to lower interest income earned from fixed deposits;
The exchange difference is mainly attributable to foreign exchange contracts to sell US Dollars. Due to the appreciation of the US Dollar against the Singapore Dollar, this has resulted in the realisation of exchange losses in both financial years.

Condensed 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 year.

Condensed consolidated statement of cash flows

Overall the increase of US$13.4 million in cash and bank balances was mainly due to operating cash inflows, after considering the following:

Global trade continues to be in flux amid rising tariffs and geopolitical shifts. Against this backdrop, the Group continues to deliver stable results in its ship owning segment, supported by its long-term charter business model with blue-chip operators.
The recent renewal of a five-year time charter for the M.V. Boheme with a reputable partner highlights our enduring customer relationships.
Due to ongoing market volatility, the Group remains prudent in evaluating new investment opportunities. Net of cash, the Group maintains a zero gearing position.