ETC Singapore 1C0
Financials
ANNUAL REPORT 2025
Explore the statements
12 tablesStatements of Financial Position – The Group and The Company, as at 31 December 2025
30 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Property, plant and equipmentS$'000 | 1,409 | 1,067 | 3 | – | PDF p. 81 |
| Right-of-use assetsS$'000 | 3,870 | 2,776 | – | – | PDF p. 81 |
| Intangible assetsS$'000 | 21 | 22 | – | – | PDF p. 81 |
| SubsidiariesS$'000 | – | – | 2,100 | 2,100 | PDF p. 81 |
| AssociateS$'000 | 88 | – | – | – | PDF p. 81 |
| Finance lease receivablesS$'000 | 417 | – | – | – | PDF p. 81 |
| Long-term depositsS$'000 | 104 | 116 | – | – | PDF p. 81 |
| SubtotalS$'000 | 5,909 | 3,981 | 2,103 | 2,100 | PDF p. 81 |
| Current Assets | |||||
| Finance lease receivablesS$'000 | 370 | – | – | – | PDF p. 81 |
| InventoriesS$'000 | 517 | 415 | – | – | PDF p. 81 |
| Trade and other receivablesS$'000 | 1,401 | 2,340 | 1,076 | 2,045 | PDF p. 81 |
| PrepaymentsS$'000 | 844 | 171 | 12 | 15 | PDF p. 81 |
| Cash and bank depositsS$'000 | 13,416 | 5,471 | 2,124 | 1,246 | PDF p. 81 |
| SubtotalS$'000 | 16,548 | 8,397 | 3,212 | 3,306 | PDF p. 81 |
| Assets | |||||
| Total assetsS$'000 | 22,457 | 12,378 | 5,315 | 5,406 | PDF p. 81 |
| Capital and Reserves | |||||
| Share capitalS$'000 | 43,580 | 43,580 | 43,580 | 43,580 | PDF p. 81 |
| ReservesS$'000 | (36,800) | (40,180) | (43,170) | (42,306) | PDF p. 81 |
| Equity attributable to owners of the CompanyS$'000 | 6,780 | 3,400 | 410 | 1,274 | PDF p. 81 |
| Non-controlling interestsS$'000 | 782 | 460 | – | – | PDF p. 81 |
| Total equityS$'000 | 7,562 | 3,860 | 410 | 1,274 | PDF p. 81 |
| Non-Current Liabilities | |||||
| BorrowingsS$'000 | 4,040 | – | 3,977 | – | PDF p. 81 |
| Lease liabilitiesS$'000 | 2,971 | 1,714 | – | – | PDF p. 81 |
| SubtotalS$'000 | 7,011 | 1,714 | 3,977 | – | PDF p. 81 |
| Current Liabilities | |||||
| BorrowingsS$'000 | 15 | – | – | – | PDF p. 81 |
| Lease liabilitiesS$'000 | 1,512 | 859 | – | – | PDF p. 81 |
| Trade and other payablesS$'000 | 6,131 | 5,704 | 928 | 4,132 | PDF p. 81 |
| Current tax payableS$'000 | 226 | 241 | – | – | PDF p. 81 |
| SubtotalS$'000 | 7,884 | 6,804 | 928 | 4,132 | PDF p. 81 |
| Liabilities | |||||
| Total liabilitiesS$'000 | 14,895 | 8,518 | 4,905 | 4,132 | PDF p. 81 |
| Equity and Liabilities | |||||
| Total equity and liabilitiesS$'000 | 22,457 | 12,378 | 5,315 | 5,406 | PDF p. 81 |
Definitions & sources
Original report: PDF p. 81 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income – Group, FY ended 31 December 2025
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueS$'000 | 20,231 | 13,670 | PDF p. 82 |
| Other incomeS$'000 | 335 | 2 | PDF p. 82 |
| Changes in inventoriesS$'000 | (102) | (415) | PDF p. 82 |
| Purchases and related costsS$'000 | (3,156) | (3,564) | PDF p. 82 |
| Amortisation of intangible assetsS$'000 | (2) | (1) | PDF p. 82 |
| Depreciation of property, plant and equipmentS$'000 | (714) | (92) | PDF p. 82 |
| Depreciation of right-of-use assetsS$'000 | (936) | (454) | PDF p. 82 |
| Staff costsS$'000 | (7,443) | (4,723) | PDF p. 82 |
| Short-term lease expensesS$'000 | (12) | (34) | PDF p. 82 |
| Other operating expensesS$'000 | (4,375) | (2,503) | PDF p. 82 |
| Finance costsS$'000 | (280) | (48) | PDF p. 82 |
| Share of loss from associate, net of taxS$'000 | (2) | – | PDF p. 82 |
| Profit before taxation from continuing operationsS$'000 | 3,544 | 1,838 | PDF p. 82 |
| TaxationS$'000 | (528) | (282) | PDF p. 82 |
| Profit for the year from continuing operationsS$'000 | 3,016 | 1,556 | PDF p. 82 |
| Discontinued operations | |||
| Loss from discontinued operations, net of taxS$'000 | – | (75,221) | PDF p. 82 |
| Profit/(Loss) for the yearS$'000 | 3,016 | (73,665) | PDF p. 82 |
| Other comprehensive (loss)/income: Items that may be reclassified subsequently to profit or loss | |||
| Foreign currency translation (loss)/gain arising from consolidation of foreign operationsS$'000 | (32) | 555 | PDF p. 82 |
| Foreign currency translation loss reclassified to profit or loss on disposal of subsidiariesS$'000 | – | 2,848 | PDF p. 82 |
| Other comprehensive (loss)/income for the year, net of tax of nilS$'000 | (32) | 3,403 | PDF p. 82 |
| Other comprehensive (loss)/income | |||
| Total comprehensive income/(loss) for the yearS$'000 | 2,984 | (70,262) | PDF p. 82 |
| Profit/(Loss) attributable to: Owners of the Company | |||
| – From continuing operationsS$'000 | 2,736 | 1,082 | PDF p. 82 |
| – From discontinued operationsS$'000 | – | (55,992) | PDF p. 82 |
| SubtotalS$'000 | 2,736 | (54,910) | PDF p. 82 |
| Profit/(Loss) attributable to: Non-controlling interests | |||
| – From continuing operationsS$'000 | 280 | 474 | PDF p. 82 |
| – From discontinued operationsS$'000 | – | (19,229) | PDF p. 82 |
| SubtotalS$'000 | 280 | (18,755) | PDF p. 82 |
| Profit/(Loss) attributable to: | |||
| Profit/(Loss) for the yearS$'000 | 3,016 | (73,665) | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
No separate Company-level statement of profit or loss was found; only consolidated statement presented.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (continued) – Total comprehensive income attribution and EPS, Group
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Total comprehensive income/(loss) attributable to: Owners of the Company | |||
| – From continuing operationsS$'000 | 2,704 | 1,095 | PDF p. 83 |
| – From discontinued operationsS$'000 | – | (52,879) | PDF p. 83 |
| SubtotalS$'000 | 2,704 | (51,784) | PDF p. 83 |
| Total comprehensive income/(loss) attributable to: Non-controlling interests | |||
| – From continuing operationsS$'000 | 280 | 477 | PDF p. 83 |
| – From discontinued operationsS$'000 | – | (18,955) | PDF p. 83 |
| SubtotalS$'000 | 280 | (18,478) | PDF p. 83 |
| Total comprehensive income/(loss) attributable to: | |||
| Total comprehensive income/(loss) for the yearS$'000 | 2,984 | (70,262) | PDF p. 83 |
| Earnings/(Loss) per share – From continuing and discontinued operations | |||
| – BasicSingapore cents per share | 0.28 | (5.59) | PDF p. 83 |
| – DilutedSingapore cents per share | 0.13 | (4.63) | PDF p. 83 |
| Earnings/(Loss) per share – From continuing operations | |||
| – BasicSingapore cents per share | 0.28 | 0.11 | PDF p. 83 |
| – DilutedSingapore cents per share | 0.13 | 0.09 | PDF p. 83 |
Definitions & sources
Original report: PDF p. 83 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows
48 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY ended 31 Dec 2025, S$'000 | 2024Group, FY ended 31 Dec 2024 (Restated), S$'000 | Source |
|---|---|---|---|
| Cash Flows from Operating Activities (Profit/(Loss) before taxation) | |||
| – Continuing operationsS$'000 | 3,544 | 1,838 | PDF p. 86 |
| – Discontinued operationsS$'000 | – | (78,311) | PDF p. 86 |
| Cash Flows from Operating Activities | |||
| Profit/(Loss) before taxationS$'000 | 3,544 | (76,473) | PDF p. 86 |
| Operating Activities - Adjustments | |||
| Allowance for foreseeable losses on development propertiesS$'000 | – | 11,004 | PDF p. 86 |
| Amortisation of intangible assetsS$'000 | 2 | 1 | PDF p. 86 |
| Depreciation of property, plant and equipmentS$'000 | 714 | 188 | PDF p. 86 |
| Depreciation of right-of-use assetsS$'000 | 936 | 454 | PDF p. 86 |
| Fair value loss on investment propertiesS$'000 | – | 9,668 | PDF p. 86 |
| Financing expense on payment from customersS$'000 | – | 1,041 | PDF p. 86 |
| Financing income on payments from customersS$'000 | – | (1,602) | PDF p. 86 |
| Finance income on net investments in finance leasesS$'000 | (30) | – | PDF p. 86 |
| Forfeiture of advance consideration received from customersS$'000 | – | (339) | PDF p. 86 |
| (Gain)/Loss on disposal of subsidiariesS$'000 | (137) | 38,103 | PDF p. 86 |
| Gain on finance leasesS$'000 | (17) | – | PDF p. 86 |
| Impairment losses on property, plant and equipmentS$'000 | – | 1,468 | PDF p. 86 |
| Interest expenseS$'000 | 280 | 8,624 | PDF p. 86 |
| Interest incomeS$'000 | (20) | (85) | PDF p. 86 |
| Share of loss from associateS$'000 | 2 | – | PDF p. 86 |
| Cash Flows from Operating Activities | |||
| Operating profit/(loss) before working capital changesS$'000 | 5,274 | (7,948) | PDF p. 86 |
| Operating Activities - Working capital changes | |||
| InventoriesS$'000 | (162) | (421) | PDF p. 86 |
| Development propertiesS$'000 | – | 29,329 | PDF p. 86 |
| Trade and other receivablesS$'000 | (831) | (7,696) | PDF p. 86 |
| Trade and other payablesS$'000 | 3,034 | 1,986 | PDF p. 86 |
| Cash Flows from Operating Activities | |||
| Cash generated from operationsS$'000 | 7,315 | 15,250 | PDF p. 86 |
| Income taxes paidS$'000 | (538) | (41) | PDF p. 86 |
| Interest receivedS$'000 | 18 | – | PDF p. 86 |
| Net cash generated from operating activitiesS$'000 | 6,795 | 15,209 | PDF p. 86 |
| Cash Flows from Investing Activities | |||
| Disposal of DAS subsidiaries, net of cash disposed ofS$'000 | 1,000 | (6,885) | PDF p. 86 |
| Disposal of HJC subsidiaries, net of cash disposed ofS$'000 | (13) | – | PDF p. 86 |
| Interest receivedS$'000 | 30 | 85 | PDF p. 86 |
| Proceeds from finance lease receivablesS$'000 | 58 | – | PDF p. 86 |
| Purchase of intangible assetsS$'000 | – | (23) | PDF p. 86 |
| Purchase of property, plant and equipmentS$'000 | (1,110) | (1,316) | PDF p. 86 |
| Investment in associateS$'000 | (90) | – | PDF p. 86 |
| Net cash used in investing activitiesS$'000 | (125) | (8,139) | PDF p. 86 |
| Cash Flows from Financing Activities | |||
| Capital contributions by non-controlling interests in subsidiariesS$'000 | 42 | 11 | PDF p. 86 |
| Cash at banks pledgedS$'000 | – | 1,433 | PDF p. 86 |
| Interest paidS$'000 | (127) | (3,128) | PDF p. 86 |
| Payment of accrued land lease premiumS$'000 | – | (1,490) | PDF p. 86 |
| Payment of lease liabilitiesS$'000 | (925) | (629) | PDF p. 86 |
| Proceeds from bank loanS$'000 | 83 | – | PDF p. 86 |
| Proceeds from convertible bondsS$'000 | 2,250 | 2,250 | PDF p. 86 |
| Repayment of bank loanS$'000 | (6) | (3,410) | PDF p. 86 |
| Net cash generated from/(used in) financing activitiesS$'000 | 1,317 | (4,963) | PDF p. 86 |
| Net change in cash | |||
| Net increase in cash and cash equivalentsS$'000 | 7,987 | 2,107 | PDF p. 86 |
| Cash and cash equivalents at beginning of yearS$'000 | 5,471 | 3,129 | PDF p. 86 |
| Exchange differences on translation of cash and cash equivalentsS$'000 | (42) | 235 | PDF p. 86 |
| Cash and cash equivalents at end of yearS$'000 | 13,416 | 5,471 | PDF p. 86 |
Definitions & sources
Original report: PDF p. 86 ↗
Note column omitted from values. 2024 column labelled Restated. Notes A and B (pp.87-88) detail disposals of DAS and HJC subsidiaries. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (page 1)
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, S$'000 | 2024Group, S$'000 | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueS$'000 | 20,231 | 13,670 | PDF p. 82 |
| Other incomeS$'000 | 335 | 2 | PDF p. 82 |
| Changes in inventoriesS$'000 | (102) | (415) | PDF p. 82 |
| Purchases and related costsS$'000 | (3,156) | (3,564) | PDF p. 82 |
| Amortisation of intangible assetsS$'000 | (2) | (1) | PDF p. 82 |
| Depreciation of property, plant and equipmentS$'000 | (714) | (92) | PDF p. 82 |
| Depreciation of right-of-use assetsS$'000 | (936) | (454) | PDF p. 82 |
| Staff costsS$'000 | (7,443) | (4,723) | PDF p. 82 |
| Short-term lease expensesS$'000 | (12) | (34) | PDF p. 82 |
| Other operating expensesS$'000 | (4,375) | (2,503) | PDF p. 82 |
| Finance costsS$'000 | (280) | (48) | PDF p. 82 |
| Share of loss from associate, net of taxS$'000 | (2) | – | PDF p. 82 |
| Profit before taxation from continuing operationsS$'000 | 3,544 | 1,838 | PDF p. 82 |
| TaxationS$'000 | (528) | (282) | PDF p. 82 |
| Profit for the year from continuing operationsS$'000 | 3,016 | 1,556 | PDF p. 82 |
| Discontinued operations | |||
| Loss from discontinued operations, net of taxS$'000 | – | (75,221) | PDF p. 82 |
| Profit or loss | |||
| Profit/(Loss) for the yearS$'000 | 3,016 | (73,665) | PDF p. 82 |
| Other comprehensive (loss)/income | |||
| Other comprehensive (loss)/income for the year, net of tax of nilS$'000 | (32) | 3,403 | PDF p. 82 |
| Other comprehensive (loss)/income - Items that may be reclassified | |||
| Foreign currency translation loss reclassified to profit or loss on disposal ofS$'000 | – | 2,848 | PDF p. 82 |
| Other comprehensive (loss)/income | |||
| Total comprehensive income/(loss) for the yearS$'000 | 2,984 | (70,262) | PDF p. 82 |
| Profit/(Loss) attributable to: Owners of the Company | |||
| – From continuing operationsS$'000 | 2,736 | 1,082 | PDF p. 82 |
| – From discontinued operationsS$'000 | – | (55,992) | PDF p. 82 |
| Profit/(Loss) attributable to: Non-controlling interests | |||
| Profit/(Loss) for the yearS$'000 | 3,016 | (73,665) | PDF p. 82 |
Definitions & sources
Original report: PDF p. 82 ↗
Note column omitted from values. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (page 2: total comprehensive income attribution and EPS)
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, S$'000 (EPS in Singapore cents) | 2024Group, S$'000 (EPS in Singapore cents) | Source |
|---|---|---|---|
| Total comprehensive income/(loss) attributable to: Owners of the Company | |||
| – From continuing operationsS$'000 | 2,704 | 1,095 | PDF p. 83 |
| – From discontinued operationsS$'000 | – | (52,879) | PDF p. 83 |
| Total comprehensive income/(loss) attributable to | |||
| Total comprehensive income/(loss) for the yearS$'000 | 2,984 | (70,262) | PDF p. 83 |
| Earnings/(Loss) per share - From continuing and discontinued operations | |||
| – BasicSingapore cents | 0.28 | (5.59) | PDF p. 83 |
| – DilutedSingapore cents | 0.13 | (4.63) | PDF p. 83 |
Definitions & sources
Original report: PDF p. 83 ↗
Note column omitted. EPS rows in Singapore cents. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Changes in Equity – FY2024 (Group)
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group, Share capital, S$'000 | 2024Group, Capital reduction reserve, S$'000 | 2024Group, Capital reserve, S$'000 | 2024Group, Revaluation reserve, S$'000 | 2024Group, Share option reserve, S$'000 | 2024Group, Equity component of convertible loan and bonds, S$'000 | 2024Group, Foreign currency translation reserve, S$'000 | 2024Group, Statutory reserve, S$'000 | 2024Group, Accumulated losses, S$'000 | 2024Group, Equity attributable to owners of the Company, S$'000 | 2024Group, Non-controlling interests, S$'000 | 2024Group, Total equity, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | |||||||||||||
| Balance at 1 January 2024S$'000 | 43,580 | 15,998 | 24,695 | 299 | 730 | 13,984 | (3,114) | – | (26,981) | 69,191 | (34,860) | 34,331 | PDF p. 84 |
| Movements | |||||||||||||
| Loss for the yearS$'000 | – | – | – | – | – | – | – | – | (54,910) | (54,910) | (18,755) | (73,665) | PDF p. 84 |
| Other comprehensive income for the year | |||||||||||||
| – Foreign currency translation differencesS$'000 | – | – | – | – | – | – | 278 | – | – | 278 | 277 | 555 | PDF p. 84 |
| Other comprehensive income for the year – Realisation of foreign currency translation reserve upon disposal of | |||||||||||||
| subsidiariesS$'000 | – | – | – | – | – | – | 2,848 | – | – | 2,848 | – | 2,848 | PDF p. 84 |
| Other comprehensive income | |||||||||||||
| Other comprehensive income for the yearS$'000 | – | – | – | – | – | – | 3,126 | – | – | 3,126 | 277 | 3,403 | PDF p. 84 |
| Movements | |||||||||||||
| Total comprehensive income/(loss) for the yearS$'000 | – | – | – | – | – | – | 3,126 | – | (54,910) | (51,784) | (18,478) | (70,262) | PDF p. 84 |
| Contributions by and distributions to owners | |||||||||||||
| Interest incurred on convertible loanS$'000 | – | – | – | – | – | 166 | – | – | (166) | – | – | – | PDF p. 84 |
| Changes in ownership interests in subsidiaries | |||||||||||||
| Disposal of subsidiariesS$'000 | – | – | (13,708) | (299) | – | – | – | – | – | (14,007) | 53,787 | 39,780 | PDF p. 84 |
| Incorporation of subsidiaries with non-controlling interestsS$'000 | – | – | – | – | – | – | – | – | – | – | 11 | 11 | PDF p. 84 |
| Movements | |||||||||||||
| Transactions with owners in their capacity as ownersS$'000 | – | – | (13,708) | (299) | – | 166 | – | – | (166) | (14,007) | 53,798 | 39,791 | PDF p. 84 |
| Transfer to statutory reserveS$'000 | – | – | – | – | – | – | – | 134 | (134) | – | – | – | PDF p. 84 |
| Closing balance | |||||||||||||
| Balance at 31 December 2024S$'000 | 43,580 | 15,998 | 10,987 | – | 730 | 14,150 | 12 | 134 | (82,191) | 3,400 | 460 | 3,860 | PDF p. 84 |
Definitions & sources
Original report: PDF p. 84 ↗
Values in the column order listed. Only a consolidated statement of changes in equity is printed; no separate Company statement was found. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Changes in Equity – FY2025 (Group)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, S$'000 | 2025Group, Capital reduction reserve, S$'000 | 2025Group, Capital reserve, S$'000 | 2025Group, Share option reserve, S$'000 | 2025Group, Equity component of convertible loan and convertible bonds, S$'000 | 2025Group, Foreign currency translation reserve, S$'000 | 2025Group, Statutory reserve, S$'000 | 2025Group, Accumulated losses, S$'000 | 2025Group, Equity attributable to owners of the Company, S$'000 | 2025Group, Non-controlling interests, S$'000 | 2025Group, Total equity, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||||
| Balance at 1 January 2025S$'000 | 43,580 | 15,998 | 10,987 | 730 | 14,150 | 12 | 134 | (82,191) | 3,400 | 460 | 3,860 | PDF p. 85 |
| Movements | ||||||||||||
| Profit for the yearS$'000 | – | – | – | – | – | – | – | 2,736 | 2,736 | 280 | 3,016 | PDF p. 85 |
| Other comprehensive loss for the year | ||||||||||||
| – Foreign currency translation differencesS$'000 | – | – | – | – | – | (32) | – | – | (32) | – | (32) | PDF p. 85 |
| Other comprehensive loss | ||||||||||||
| Other comprehensive loss for the yearS$'000 | – | – | – | – | – | (32) | – | – | (32) | – | (32) | PDF p. 85 |
| Movements | ||||||||||||
| Total comprehensive (loss)/ income for the yearS$'000 | – | – | – | – | – | (32) | – | 2,736 | 2,704 | 280 | 2,984 | PDF p. 85 |
| Contributions by and distributions to owners | ||||||||||||
| Interest incurred on convertible loanS$'000 | – | – | – | – | 166 | – | – | (166) | – | – | – | PDF p. 85 |
| Issuance of convertible bondsS$'000 | – | – | – | – | 676 | – | – | – | 676 | – | 676 | PDF p. 85 |
| Changes in ownership interests in subsidiaries | ||||||||||||
| Capital contribution by a non- controlling interestS$'000 | – | – | – | – | – | – | – | – | – | 42 | 42 | PDF p. 85 |
| Movements | ||||||||||||
| Transfer to statutory reserveS$'000 | – | – | – | – | – | – | 379 | (379) | – | – | – | PDF p. 85 |
| Closing balance | ||||||||||||
| Balance at 31 December 2025S$'000 | 43,580 | 15,998 | 10,987 | 730 | 14,992 | (20) | 513 | (80,000) | 6,780 | 782 | 7,562 | PDF p. 85 |
Definitions & sources
Original report: PDF p. 85 ↗
Values in the column order listed (revaluation reserve column not printed in 2025). Only a consolidated statement is printed. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Financial Summary (five-year charts, FY2021–FY2025)
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2022Group FY2022 | 2023Group FY2023 | 2024Group FY2024 | 2025Group FY2025 | Source |
|---|---|---|---|---|---|---|
| Financial Summary | ||||||
| NET TANGIBLE ASSETS PER SHAREcents | 10.16 | 5.89 | 3.50 | 0.39 | 0.77 | PDF p. 10 |
Definitions & sources
Original report: PDF p. 10 ↗
* Included revenue of S$47,882,000 from discontinued operations.
** Included a basic loss of S$0.057 per share from discontinued operations.
*** Included a loss of S$55,992,000 from discontinued operations.
Chart values are printed in one line each in order FY2021 to FY2025.
Financial Year Review – Financial Performance and Cash Flow (Group)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | Source |
|---|---|---|---|
| Financial Performance | |||
| RevenueS$'000 | 20,231 | 13,670 | PDF p. 11 |
| Other incomeS$'000 | 335 | 2 | PDF p. 11 |
| Changes in inventoriesS$'000 | (102) | (415) | PDF p. 11 |
| Purchases and related costsS$'000 | (3,156) | (3,564) | PDF p. 11 |
| Amortisation of intangible assetsS$'000 | (2) | (1) | PDF p. 11 |
| Staff costsS$'000 | (7,443) | (4,723) | PDF p. 11 |
| Short-term lease expensesS$'000 | (12) | (34) | PDF p. 11 |
| Other operating expensesS$'000 | (4,375) | (2,503) | PDF p. 11 |
| Finance costsS$'000 | (280) | (48) | PDF p. 11 |
| TaxationS$'000 | (528) | (282) | PDF p. 11 |
| Cash flow | |||
| Net cash generated from operatingS$'000 | 6,795 | 15,209 | PDF p. 11 |
| Net cash used in investing activitiesS$'000 | (125) | (8,139) | PDF p. 11 |
| Net increase in cash and cashS$'000 | 7,987 | 2,107 | PDF p. 11 |
| Cash and cash equivalents atS$'000 | 5,471 | 3,129 | PDF p. 11 |
| Cash and cash equivalents atS$'000 | 13,416 | 5,471 | PDF p. 11 |
Definitions & sources
Original report: PDF p. 11 ↗
Profit before taxation from continuing operations 3,544 (FY2024: 1,838) and Profit after taxation from continuing operations 3,016 (FY2024: 1,556) are printed with labels wrapped across lines; depreciation rows and financing cash flow omitted due to wrapped labels; quotes for cash flow rows with wrapped labels are partial fragments of the printed row.
Financial Year Review – Financial Position (Group and Company)
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | 2025Company FY2025 | 2024Company FY2024 | Source |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Property, plant and equipmentS$'000 | 1,409 | 1,067 | 3 | – | PDF p. 12 |
| Right-of-use assetsS$'000 | 3,870 | 2,776 | – | – | PDF p. 12 |
| Assets | |||||
| Total Non-Current assetsS$'000 | 5,909 | 3,981 | 2,103 | 2,100 | PDF p. 12 |
| Current Assets | |||||
| InventoriesS$'000 | 517 | 415 | – | – | PDF p. 12 |
| Trade and other receivablesS$'000 | 1,401 | 2,340 | 1,076 | 2,045 | PDF p. 12 |
| Cash and bank depositsS$'000 | 13,416 | 5,471 | 2,124 | 1,246 | PDF p. 12 |
| Assets | |||||
| Total assetsS$'000 | 22,457 | 12,378 | 5,315 | 5,406 | PDF p. 12 |
| Capital and Reserves | |||||
| Share capitalS$'000 | 43,580 | 43,580 | 43,580 | 43,580 | PDF p. 12 |
| Non-controlling interestsS$'000 | 782 | 460 | – | – | PDF p. 12 |
| Total equityS$'000 | 7,562 | 3,860 | 410 | 1,274 | PDF p. 12 |
| Current Liabilities | |||||
| Trade and other payablesS$'000 | 6,131 | 5,704 | 928 | 4,132 | PDF p. 12 |
| Liabilities | |||||
| Total liabilitiesS$'000 | 14,895 | 8,518 | 4,905 | 4,132 | PDF p. 12 |
| Total equity and liabilitiesS$'000 | 22,457 | 12,378 | 5,315 | 5,406 | PDF p. 12 |
Definitions & sources
Original report: PDF p. 12 ↗
Selected rows only; the table has stray page-layout numbers (35,850; 48,828) in the extracted text.
Note 25 Earnings/(Loss) per share – Basic
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20252025 Total | 20242024 Total | Source |
|---|---|---|---|
| Basic EPS | |||
| Weighted average number of ordinary shares (basic)shares | 982,073,000 | 982,073,000 | PDF p. 134 |
Definitions & sources
Original report: PDF p. 134 ↗
2025 basic: continuing 0.28, discontinued –, total 0.28. 2024 basic: continuing 0.11, discontinued (5.70), total (5.59). Weighted average basic shares 982,073,000 both years.
Where the money comes from
Segment information
By business
Operating segments (S$'000) 15 lines
| Item / unit | 2025Sale of goods | 2024Sale of goods | 2025Corporate | 2024Corporate | 2025Property development and investment (discontinued operations) | 2024Property development and investment (discontinued operations) | 2025Eliminations | 2024Eliminations | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Segment revenueS$'000 | 20,231 | 13,670 | – | – | – | 47,882 | – | – | 20,231 | 61,552 | PDF p. 138 |
| Results | |||||||||||
| Segment profit/(loss)S$'000 | 5,824 | 2,869 | (1,429) | (1,030) | – | (20,088) | – | 582 | 4,395 | (17,667) | PDF p. 138 |
| Other (expenses)/incomeS$'000 | (707) | 2 | (144) | (11,489) | – | (58,808) | – | 11,489 | (851) | (58,806) | PDF p. 138 |
| Profit/(Loss) before taxationS$'000 | 5,117 | 2,871 | (1,573) | (12,519) | – | (78,896) | – | 12,071 | 3,544 | (76,473) | PDF p. 138 |
| TaxationS$'000 | (528) | (282) | – | – | – | 3,090 | – | – | (528) | 2,808 | PDF p. 138 |
| Profit/(Loss) for the yearS$'000 | 4,589 | 2,589 | (1,573) | (12,519) | – | (75,806) | – | 12,071 | 3,016 | (73,665) | PDF p. 138 |
| Attributable to | |||||||||||
| Owners of the CompanyS$'000 | 4,309 | 2,142 | (1,573) | (12,548) | – | (56,575) | – | 12,071 | 2,736 | (54,910) | PDF p. 138 |
| Non-controlling interestsS$'000 | 280 | 447 | – | 29 | – | (19,231) | – | – | 280 | (18,755) | PDF p. 138 |
| Assets and liabilities | |||||||||||
| Segment assetsS$'000 | 19,298 | 9,087 | 3,159 | 3,291 | – | – | – | – | 22,457 | 12,378 | PDF p. 138 |
| Segment liabilitiesS$'000 | 9,985 | 4,372 | 4,910 | 4,146 | – | – | – | – | 14,895 | 8,518 | PDF p. 138 |
| Capital expenditure and significant non-cash items | |||||||||||
| Allowance for foreseeable losses on development propertiesS$'000 | – | – | – | – | – | 11,004 | – | – | – | 11,004 | PDF p. 138 |
| Capital expenditure on property, plant and equipmentS$'000 | 1,106 | 1,153 | 4 | – | – | 163 | – | – | 1,110 | 1,316 | PDF p. 138 |
| Depreciation of property, plant and equipmentS$'000 | 713 | 92 | 1 | – | – | 96 | – | – | 714 | 188 | PDF p. 138 |
| Depreciation of right-of-use assetsS$'000 | 936 | 454 | – | – | – | – | – | – | 936 | 454 | PDF p. 138 |
| Impairment losses on property, plant and equipmentS$'000 | – | – | – | – | – | 1,468 | – | – | – | 1,468 | PDF p. 138 |
Notes
Segment performance is measured on segment profit or loss before income tax. Property development and investment (Myanmar) are classified under discontinued operations. Multi-line labels wrap in the source: 'Allowance for foreseeable losses on development properties', 'Capital expenditure on property, plant and equipment', 'Depreciation of property, plant and equipment' and 'Impairment losses on property, plant and equipment' print their numbers on the last wrapped line; the quotes are those number lines.
By geography
Geographical segments, 2025 (S$'000) 2 lines
| Item / unit | 2025People’s Republic of China | 2025Myanmar (discontinued operations) | 2025Total | Source |
|---|---|---|---|---|
| 2025 | ||||
| RevenueS$'000 | 20,231 | – | 20,231 | PDF p. 139 |
| Non-current assets*S$'000 | 5,388 | – | 5,388 | PDF p. 139 |
Notes
* Non-current assets comprise property, plant and equipment, right-of-use assets, intangible assets and associate, and exclude finance lease receivables and long-term deposits.
Geographical segments, 2024 (S$'000) 2 lines
| Item / unit | 2024People’s Republic of China | 2024Myanmar (discontinued operations) | 2024Total | Source |
|---|---|---|---|---|
| 2024 | ||||
| RevenueS$'000 | 13,670 | 47,882 | 61,552 | PDF p. 139 |
| Non-current assets*S$'000 | 3,865 | – | 3,865 | PDF p. 139 |
Notes
* Non-current assets comprise property, plant and equipment, right-of-use assets, intangible assets and associate, and exclude finance lease receivables and long-term deposits.
No revenue from a single customer amounts to ten percent or more of Group revenue in either year.
Debt
Borrowings
Lease liabilities – undiscounted maturity
| Item / unit | 2025S$'000 | 2024S$'000 | Source |
|---|---|---|---|
| Undiscounted lease payments due | |||
| – Year 1S$'000 | 1,552 | 997 | PDF p. 128 |
| – Year 2S$'000 | 1,046 | 836 | PDF p. 128 |
| – Year 3S$'000 | 865 | 481 | PDF p. 128 |
| – Year 4S$'000 | 639 | 338 | PDF p. 128 |
| – Year 5S$'000 | 309 | 101 | PDF p. 128 |
| – Year 6 and onwardsS$'000 | 523 | 45 | PDF p. 128 |
| Total undiscounted (unlabelled)S$'000 | 4,934 | 2,798 | PDF p. 128 |
| Less: Future interest costS$'000 | (451) | (225) | PDF p. 128 |
| Lease liabilities total (unlabelled)S$'000 | 4,483 | 2,573 | PDF p. 128 |
| Represented by | |||
| – Non-currentS$'000 | 2,971 | 1,714 | PDF p. 128 |
| – CurrentS$'000 | 1,512 | 859 | PDF p. 128 |
Notes
Lease liabilities are denominated in Renminbi (page 129). Lease liabilities relate to office premises, warehouse premises and retail shops. Interest expense on lease liabilities S$125,000 (2024: S$48,000).
Liquidity risk – contractual maturity of financial liabilities
| Item / unit | 2025Carrying amount, S$'000 | 2025Contractual cash flows, S$'000 | 2025Less than 1 year, S$'000 | 2025Between 1 and 5 years, S$'000 | 2025More than 5 years, S$'000 | Source |
|---|---|---|---|---|---|---|
| 2025 Non-derivative financial liabilities | ||||||
| Borrowings (Note 15)S$'000 | 4,055 | 4,066 | 19 | 4,047 | – | PDF p. 142 |
| Lease liabilities (Note 16)S$'000 | 4,483 | 4,934 | 1,552 | 2,859 | 523 | PDF p. 142 |
Notes
Based on contractual undiscounted cash flows. 2024 Group (separate block on same page): Lease liabilities (Note 16) 2,573 / 2,798 / 997 / 1,756 / 45; no borrowings in 2024.
Liquidity risk – contractual maturity (The Group, 2024)
| Item / unit | 2024Carrying amount, S$'000 | 2024Contractual cash flows, S$'000 | 2024Less than 1 year, S$'000 | 2024Between 1 and 5 years, S$'000 | 2024More than 5 years, S$'000 | Source |
|---|---|---|---|---|---|---|
| 2024 Non-derivative financial liabilities | ||||||
| Lease liabilities (Note 16)S$'000 | 2,573 | 2,798 | 997 | 1,756 | 45 | PDF p. 142 |
Notes
No borrowings row is printed for 2024.
Liquidity risk – contractual maturity of borrowings (The Company, 2025)
| Item / unit | 2025Carrying amount, S$'000 | 2025Contractual cash flows, S$'000 | 2025Less than 1 year, S$'000 | 2025Between 1 and 5 years, S$'000 | 2025More than 5 years, S$'000 | Source |
|---|---|---|---|---|---|---|
| 2025 Non-derivative financial liabilities | ||||||
| Borrowings (Note 15)S$'000 | 3,977 | 3,977 | – | 3,977 | – | PDF p. 143 |
Notes
Company 2024 shows only trade and other payables; no borrowings.
Borrowing notes 4 tables
Borrowings – non-current and current
| Item / unit | 2025The Group, S$'000 | 2024The Group, S$'000 | 2025The Company, S$'000 | 2024The Company, S$'000 | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Bank loanS$'000 | 63 | – | – | – | PDF p. 127 |
| Convertible bondsS$'000 | 3,977 | – | 3,977 | – | PDF p. 127 |
| Non-current total (unlabelled subtotal)S$'000 | 4,040 | – | 3,977 | – | PDF p. 127 |
| Current | |||||
| Bank loanS$'000 | 15 | – | – | – | PDF p. 127 |
| Total | |||||
| Total borrowings (unlabelled total)S$'000 | 4,055 | – | 3,977 | – | PDF p. 127 |
Notes
Bank loan of S$83,000 (RMB450,000) obtained during FY2025 to partially finance purchase of a motor vehicle; tenure five years; interest charged at 2.12% over the China Loan Prime Rate per annum; secured by the motor vehicle owned by the Group with carrying amount of S$98,000 (Note 3). Other borrowings (convertible bonds) are not stated as secured.
Convertible bonds: S$4,500,000 issued 10 July 2025; conversion price S$0.004647 per share; proceeds 4,500, less equity component (676), liability component on initial recognition 3,824, add accreted interest 153, liability component at year end 3,977 (S$'000). Convertible bonds bear interest at fixed rates (Note 30.3); bank loan is floating.
Borrowings – carrying amounts and fair values (The Group, 2025)
| Item / unit | 2025The Group carrying amount, S$'000 | 2025The Group fair value, S$'000 | Source |
|---|---|---|---|
| Long-term borrowings | |||
| Bank loanS$'000 | 78 | 82 | PDF p. 127 |
| Convertible bondsS$'000 | 3,977 | 4,163 | PDF p. 127 |
| Total (unlabelled)S$'000 | 4,055 | 4,245 | PDF p. 127 |
Notes
Carrying amounts of short-term borrowings approximate their fair values. Company 2025: convertible bonds carrying amount 3,977, fair value 4,163 (page 128).
Borrowings – discount rates used for fair value (interest rate)
| Item / unit | 2025The Group, % | 2024The Group, % | 2025The Company, % | 2024The Company, % | Source |
|---|---|---|---|---|---|
| Discount rate | |||||
| Bank loan% | 3.50 | – | – | – | PDF p. 128 |
| Convertible bonds% | 5.25 | – | 5.25 | – | PDF p. 128 |
Notes
Rates are the borrowing rates used in the discounted cash flow fair value analysis, not contractual coupons. Contractual bank loan rate: 2.12% over the China Loan Prime Rate per annum.
Borrowings – currency denomination
| Item / unit | 2025The Group, S$'000 | 2024The Group, S$'000 | 2025The Company, S$'000 | 2024The Company, S$'000 | Source |
|---|---|---|---|---|---|
| Currency | |||||
| Singapore dollarS$'000 | 3,977 | – | 3,977 | – | PDF p. 128 |
| RenminbiS$'000 | 78 | – | – | – | PDF p. 128 |
| Total (unlabelled)S$'000 | 4,055 | – | 3,977 | – | PDF p. 128 |
Notes
Borrowings are denominated in the following currencies.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business conditions, development plans and other factors as the Directors may deem appropriate. | Company | PDF p. 70 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Foo Kon Tan LLP | Group and Company, FY2025 | PDF p. 80 |
| Engagement partner | Cheong Wenjie | Group and Company, FY2025 | PDF p. 80 |
| Qualified Opinion | Qualified Opinion | Group and Company, year ended 31 December 2025 | PDF p. 77 |
| Basis for Qualified Opinion | In view of the above, our opinion on the current year’s financial statements is qualified because of the possible effects of this matter on the comparability of the current year’s figures and the corresponding figures arising from discontinued operations for FY2024. | Group and Company, FY2025 vs FY2024 comparatives | PDF p. 77 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.