9R 1Y1
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Financials
ANNUAL REPORT 2026
Explore the statements
8 tablesConsolidated Statement of Profit or Loss and Other Comprehensive Income (Group)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, 01/04/2025 to 31/03/2026 (12 months) | 2025Group, 01/01/2024 to 31/03/2025 (15-month period) | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 13,636,473 | 14,701,312 | PDF p. 94 |
| Cost of sales$ | (3,779,815) | (4,089,533) | PDF p. 94 |
| Gross profit$ | 9,856,658 | 10,611,779 | PDF p. 94 |
| Other income$ | 518,407 | 692,563 | PDF p. 94 |
| (Addition)/Reversal of loss allowance on financial assets and contract assets, net$ | (44,809) | 2,438,034 | PDF p. 94 |
| Marketing and distribution expenses$ | (589,871) | (215,293) | PDF p. 94 |
| Administrative expenses$ | (7,170,384) | (7,789,332) | PDF p. 94 |
| Other operating expenses$ | (4,418,864) | (6,687,456) | PDF p. 94 |
| Finance costs$ | (367,658) | (355,032) | PDF p. 94 |
| Loss before income tax$ | (2,216,521) | (1,304,737) | PDF p. 94 |
| Income tax expense$ | (380,779) | (670,955) | PDF p. 94 |
| Loss for the year/period$ | (2,597,300) | (1,975,692) | PDF p. 94 |
| Other comprehensive income | |||
| Exchange difference on translating foreign operations$ | 359,456 | 440,276 | PDF p. 94 |
| Other comprehensive income for the year/period$ | 359,456 | 440,276 | PDF p. 94 |
| Total comprehensive income | |||
| TOTAL COMPREHENSIVE LOSS FOR THE YEAR/PERIOD$ | (2,237,844) | (1,535,416) | PDF p. 94 |
| Loss per share attributable to owners of the Company | |||
| Total basic loss per sharecents per share | (0.23) | (0.18) | PDF p. 94 |
| Total diluted loss per sharecents per share | (0.23) | (0.18) | PDF p. 94 |
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Definitions & sources
Original report: PDF p. 94 ↗
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Prior comparative is a 15-month period from 01/01/2024 to 31/03/2025 (printed column header).
Statements of Financial Position (Group and Company)
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, as at 31 March 2026 | 2025Group, as at 31 March 2025 | 2026Company, as at 31 March 2026 | 2025Company, as at 31 March 2025 | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$ | 12,339,770 | 13,731,669 | – | – | PDF p. 95 |
| Investments in subsidiaries$ | – | – | 7,958,405 | 7,958,405 | PDF p. 95 |
| Intangible assets$ | 6,029,748 | 6,048,249 | – | – | PDF p. 95 |
| Deferred tax assets$ | 26,574 | 71,149 | – | – | PDF p. 95 |
| Contract assets$ | – | 7,197 | – | – | PDF p. 95 |
| Total non-current assets$ | 18,396,092 | 19,858,264 | 7,958,405 | 7,958,405 | PDF p. 95 |
| Current assets | |||||
| Inventories$ | 1,065,513 | 692,117 | – | – | PDF p. 95 |
| Trade receivables$ | 284,933 | 231,646 | – | – | PDF p. 95 |
| Other receivables$ | 1,789,518 | 1,626,436 | 15,427 | 31,550 | PDF p. 95 |
| Amounts due from subsidiaries$ | – | – | 4,752,038 | 4,202,820 | PDF p. 95 |
| Contract assets$ | 5,117 | 15,192 | – | – | PDF p. 95 |
| Income tax receivable$ | 605,264 | 368,604 | – | – | PDF p. 95 |
| Cash and cash equivalents$ | 2,190,515 | 2,864,819 | 789,564 | 1,607,207 | PDF p. 95 |
| Total current assets$ | 5,940,860 | 5,798,814 | 5,557,029 | 5,841,577 | PDF p. 95 |
| Assets | |||||
| Total assets$ | 24,336,952 | 25,657,078 | 13,515,434 | 13,799,982 | PDF p. 95 |
| Equity | |||||
| Share capital$ | 129,148,889 | 128,654,689 | 129,148,889 | 128,654,689 | PDF p. 95 |
| Treasury shares$ | (527,775) | (527,775) | (527,775) | (527,775) | PDF p. 95 |
| Accumulated losses$ | (117,985,009) | (115,387,709) | (135,697,169) | (134,904,710) | PDF p. 95 |
| Other reserves$ | 1,772,263 | 1,424,519 | 20,462,404 | 20,474,116 | PDF p. 95 |
| Total equity$ | 12,408,368 | 14,163,724 | 13,386,349 | 13,696,320 | PDF p. 95 |
| Non-current liabilities | |||||
| Deferred tax liabilities$ | 463,824 | 418,287 | – | – | PDF p. 95 |
| Lease liabilities$ | 4,488,754 | 5,378,591 | – | – | PDF p. 95 |
| Borrowings$ | 1,694,483 | – | – | – | PDF p. 95 |
| Other payables$ | 131,093 | 246,884 | – | – | PDF p. 95 |
| Provision of restoration cost$ | 545,320 | 583,971 | – | – | PDF p. 95 |
| Total non-current liabilities$ | 7,323,474 | 6,627,733 | – | – | PDF p. 95 |
| Current liabilities | |||||
| Lease liabilities$ | 1,401,498 | 1,544,176 | – | – | PDF p. 95 |
| Contract liabilities$ | 79,573 | 71,097 | – | – | PDF p. 95 |
| Borrowings$ | 181,766 | – | – | – | PDF p. 95 |
| Trade payables$ | 746,014 | 489,687 | – | – | PDF p. 95 |
| Other payables$ | 1,993,229 | 2,617,697 | 129,085 | 103,662 | PDF p. 95 |
| Provision of restoration cost$ | 58,443 | 98,029 | – | – | PDF p. 95 |
| Provision of warranty$ | 234 | 885 | – | – | PDF p. 95 |
| Income tax payables$ | 144,353 | 44,050 | – | – | PDF p. 95 |
| Total current liabilities$ | 4,605,110 | 4,865,621 | 129,085 | 103,662 | PDF p. 95 |
| Liabilities | |||||
| Total liabilities$ | 11,928,584 | 11,493,354 | 129,085 | 103,662 | PDF p. 95 |
| Equity and liabilities | |||||
| Total equity and liabilities$ | 24,336,952 | 25,657,078 | 13,515,434 | 13,799,982 | PDF p. 95 |
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Definitions & sources
Original report: PDF p. 95 ↗
The accompanying 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
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, year 01/04/2025 to 31/03/2026 | 2025Group, period 01/01/2024 to 31/03/2025 | Source |
|---|---|---|---|
| Profit or loss | |||
| Loss before income tax$ | (2,216,521) | (1,304,737) | PDF p. 94 |
| Income tax expense$ | (380,779) | (670,955) | PDF p. 94 |
| Loss for the year/period$ | (2,597,300) | (1,975,692) | PDF p. 94 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| Exchange difference on translating foreign operations$ | 359,456 | 440,276 | PDF p. 94 |
| Other comprehensive income | |||
| Other comprehensive income for the year/period$ | 359,456 | 440,276 | PDF p. 94 |
| Total comprehensive loss | |||
| TOTAL COMPREHENSIVE LOSS FOR THE YEAR/PERIOD$ | (2,237,844) | (1,535,416) | PDF p. 94 |
| Loss per share attributable to owners of the Company | |||
| Total basic loss per sharecents per share | (0.23) | (0.18) | PDF p. 94 |
| Total diluted loss per sharecents per share | (0.23) | (0.18) | PDF p. 94 |
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Definitions & sources
Original report: PDF p. 94 ↗
Only comprehensive-income rows relevant to this stage extracted (loss before tax, tax, loss, OCI, total comprehensive loss, EPS); other P&L line items not extracted. No non-controlling interest attribution is shown; the loss is not split between owners and NCI.
Consolidated Statement of Cash Flows - Operating Activities
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, year 01/04/2025 to 31/03/2026 | 2025Group, period 01/01/2024 to 31/03/2025 | Source |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Loss before income tax$ | (2,216,521) | (1,304,737) | PDF p. 98 |
| Adjustments for | |||
| – Interest expense$ | 367,658 | 355,032 | PDF p. 98 |
| – Allowance for inventories obsolescence$ | 18,774 | 856,270 | PDF p. 98 |
| – Bad debt written off$ | 1,400 | 26,299 | PDF p. 98 |
| – Deposit paid forfeited$ | 18,060 | – | PDF p. 98 |
| – Deposit received forfeited$ | (4,715) | (1,531) | PDF p. 98 |
| – Depreciation of property, plant and equipment$ | 4,074,316 | 4,935,121 | PDF p. 98 |
| – Lease incentive received$ | (10,180) | – | PDF p. 98 |
| – Loss on disposal of property, plant and equipment$ | – | 1,841 | PDF p. 98 |
| – Gain on termination on lease$ | – | (8,508) | PDF p. 98 |
| – Impairment loss on goodwill$ | 18,501 | 256,646 | PDF p. 98 |
| – Reversal of impairment loss on property, plant and equipment$ | – | (129,893) | PDF p. 98 |
| – Reversal of allowance for inventories obsolescence$ | (51,676) | (126,401) | PDF p. 98 |
| – Property, plant and equipment written off$ | 69,560 | 137,296 | PDF p. 98 |
| – Inventories written back$ | (6,801) | – | PDF p. 98 |
| – Inventories written off$ | – | 15,518 | PDF p. 98 |
| – Reversal of loss allowance on contract asset$ | – | (22,684) | PDF p. 98 |
| – Addition/(Reversal) of loss allowance on trade receivables$ | 21,180 | (2,065,724) | PDF p. 98 |
| – Addition/(Reversal) of loss allowance on other receivables$ | 23,629 | (349,626) | PDF p. 98 |
| – Reversal of provision for warranty$ | (679) | (1,801) | PDF p. 98 |
| – Waiver on late interest charged$ | (116,883) | (43,700) | PDF p. 98 |
| – Waiver of other payables$ | (131,255) | – | PDF p. 98 |
| – Unrealised exchange loss$ | 27,662 | 219,232 | PDF p. 98 |
| OPERATING ACTIVITIES | |||
| Total operating cash flows before movements in working capital$ | 2,102,030 | 2,748,650 | PDF p. 98 |
| Changes in working capital | |||
| Inventories$ | (333,693) | (65,234) | PDF p. 98 |
| Trade receivables$ | (75,865) | 2,450,268 | PDF p. 98 |
| Other receivables, deposits and prepayments$ | (200,056) | 1,488,638 | PDF p. 98 |
| Contract assets$ | 17,272 | 112,297 | PDF p. 98 |
| Trade payables$ | 256,327 | (142,355) | PDF p. 98 |
| Other payables and accruals$ | (547,441) | (4,004,798) | PDF p. 98 |
| Contract liabilities$ | 8,476 | (63,557) | PDF p. 98 |
| Provision of restoration cost$ | (35,421) | – | PDF p. 98 |
| OPERATING ACTIVITIES | |||
| Cash generated from operations$ | 1,191,629 | 2,523,909 | PDF p. 98 |
| Income taxes paid$ | (440,579) | (534,990) | PDF p. 98 |
| Net cash flows generated from operating activities$ | 751,050 | 1,988,919 | PDF p. 98 |
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Definitions & sources
Original report: PDF p. 98 ↗
Continues on next page (investing and financing). No separate Company cash flow statement is presented.
Consolidated Statement of Cash Flows - Investing and Financing Activities
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, year 01/04/2025 to 31/03/2026 | 2025Group, period 01/01/2024 to 31/03/2025 | Source |
|---|---|---|---|
| INVESTING ACTIVITIES | |||
| Purchase of property, plant and equipment$ | (1,874,753) | (1,724,795) | PDF p. 99 |
| Proceeds from disposal of property, plant and equipment$ | 11,717 | 1,348 | PDF p. 99 |
| Acquisition of subsidiaries, net of cash and cash equivalents$ | – | 95,226 | PDF p. 99 |
| Net cash flows used in investing activities$ | (1,863,036) | (1,628,221) | PDF p. 99 |
| FINANCING ACTIVITIES | |||
| Interest expenses paid$ | (312,337) | (355,032) | PDF p. 99 |
| Payment of principal portion of lease liabilities$ | (1,623,607) | (2,134,704) | PDF p. 99 |
| Proceeds from loans and borrowings$ | 1,918,799 | – | PDF p. 99 |
| Repayment of loans and borrowings$ | (42,550) | – | PDF p. 99 |
| Proceeds from issuance of shares, net of share issuance expenses$ | 482,488 | 1,053,866 | PDF p. 99 |
| Increase in fixed deposits pledged$ | (799,500) | – | PDF p. 99 |
| Net cash flows used in financing activities$ | (376,707) | (1,435,870) | PDF p. 99 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalents$ | (1,488,693) | (1,075,172) | PDF p. 99 |
| Cash and cash equivalents at beginning of the financial year/period$ | 2,864,819 | 3,941,126 | PDF p. 99 |
| Effect of currency translation on cash and cash equivalents$ | 14,889 | (1,135) | PDF p. 99 |
| Cash and cash equivalents at end of the financial year/period$ | 1,391,015 | 2,864,819 | PDF p. 99 |
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Definitions & sources
Original report: PDF p. 99 ↗
Closing cash 1,391,015 for 2026 is as printed; balance sheet cash is 2,190,515 (difference relates to pledged fixed deposits per the financing line, not computed here).
Statements of Changes in Equity - Group
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, Share capital ($) | 2026Group, Treasury shares ($) | 2026Group, Accumulated losses ($) | 2026Group, Other reserves ($) | 2026Group, Total equity ($) | Source |
|---|---|---|---|---|---|---|
| Group - period 01/01/2024 to 31/03/2025 | ||||||
| Balance at 1 January 2024$ | 124,094,758 | (527,775) | (113,412,017) | 1,105,437 | 11,260,403 | PDF p. 96 |
| Loss for the period$ | – | – | (1,975,692) | – | (1,975,692) | PDF p. 96 |
| Group - period 01/01/2024 to 31/03/2025 - Other comprehensive income | ||||||
| Foreign currency translation reserve$ | – | – | – | 440,276 | 440,276 | PDF p. 96 |
| Group - period 01/01/2024 to 31/03/2025 | ||||||
| Total comprehensive (loss)/ income for the period$ | – | – | (1,975,692) | 440,276 | (1,535,416) | PDF p. 96 |
| Issuance of new shares$ | 4,559,931 | – | – | (121,194) | 4,438,737 | PDF p. 96 |
| Balance at 31 March 2025$ | 128,654,689 | (527,775) | (115,387,709) | 1,424,519 | 14,163,724 | PDF p. 96 |
| Group - year 01/04/2025 to 31/03/2026 | ||||||
| Loss for the year$ | – | – | (2,597,300) | – | (2,597,300) | PDF p. 96 |
| Group - year 01/04/2025 to 31/03/2026 - Other comprehensive income | ||||||
| Foreign currency translation reserve$ | – | – | – | 359,456 | 359,456 | PDF p. 96 |
| Group - year 01/04/2025 to 31/03/2026 | ||||||
| Total comprehensive (loss)/ income for the year$ | – | – | (2,597,300) | 359,456 | (2,237,844) | PDF p. 96 |
| Issuance of new shares$ | 494,200 | – | – | (11,712) | 482,488 | PDF p. 96 |
| Balance at 31 March 2026$ | 129,148,889 | (527,775) | (117,985,009) | 1,772,263 | 12,408,368 | PDF p. 96 |
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Definitions & sources
Original report: PDF p. 96 ↗
Columns are all FY2026 report; opening balances are as at 1 January 2024 and rows are grouped by period in section. No non-controlling interest column is presented. Share capital is in dollars, not a share count.
Statements of Changes in Equity - Company
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company, Share capital ($) | 2026Company, Treasury shares ($) | 2026Company, Accumulated losses ($) | 2026Company, Other reserves ($) | 2026Company, Total equity ($) | Source |
|---|---|---|---|---|---|---|
| Company - period 01/01/2024 to 31/03/2025 | ||||||
| Balance at 1 January 2024$ | 124,094,758 | (527,775) | (132,896,376) | 20,595,310 | 11,265,917 | PDF p. 97 |
| Loss for the period, representing total comprehensive loss for the period$ | – | – | (2,008,334) | – | (2,008,334) | PDF p. 97 |
| Issuance of new shares$ | 4,559,931 | – | – | (121,194) | 4,438,737 | PDF p. 97 |
| Balance at 31 March 2025$ | 128,654,689 | (527,775) | (134,904,710) | 20,474,116 | 13,696,320 | PDF p. 97 |
| Company - year 01/04/2025 to 31/03/2026 | ||||||
| Loss for the year, representing total comprehensive loss for the year$ | – | – | (792,459) | – | (792,459) | PDF p. 97 |
| Issuance of new shares$ | 494,200 | – | – | (11,712) | 482,488 | PDF p. 97 |
| Balance at 31 March 2026$ | 129,148,889 | (527,775) | (135,697,169) | 20,462,404 | 13,386,349 | PDF p. 97 |
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Definitions & sources
Original report: PDF p. 97 ↗
Company statement of comprehensive income is not separately presented; loss equals total comprehensive loss as printed in the equity statement.
Note 10 Loss per share (Group)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, financial year 01/04/2025 to 31/03/2026 | 2025Group, financial period 01/01/2024 to 31/03/2025 (15 months) | Source |
|---|---|---|---|
| Loss per share | |||
| Loss attributable to ordinary shareholders$ | (2,597,300) | (1,975,692) | PDF p. 132 |
| Number of ordinary shares in issue at the beginning of the financial year/periodnumber of shares | 1,110,661,552 | 1,010,730,765 | PDF p. 132 |
| Issue of shares converted from warrantsnumber of shares | 1,432,033 | 5,982,595 | PDF p. 132 |
| Issue of shares to a vendor (Note 22)number of shares | 521,433 | 66,359,972 | PDF p. 132 |
| Weighted average number of ordinary shares in issue during the financial year/periodnumber of shares | 1,112,615,018 | 1,083,073,332 | PDF p. 132 |
| Total basic loss per sharecents per share | (0.23) | (0.18) | PDF p. 132 |
| Total diluted loss per sharecents per share | (0.23) | (0.18) | PDF p. 132 |
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Definitions & sources
Original report: PDF p. 132 ↗
For the financial year ended 31 March 2026 and financial period ended 31 March 2025, the diluted loss per share was not presented as the outstanding dilutive potential ordinary shares are antidilutive. Accordingly, the diluted loss per share for the financial year/period was the same as the basic loss per share.
Where the money comes from
Segment information
By business
Business segments – Group, 01/04/2025 to 31/03/2026 19 lines
| Item / unit | 2026Chartering services, 01/04/2025 to 31/03/2026 | 2026Corporate, 01/04/2025 to 31/03/2026 | 2026Supply chain management, 01/04/2025 to 31/03/2026 | 2026Lifestyle retail business, 01/04/2025 to 31/03/2026 | 2026Adjustments and eliminations, 01/04/2025 to 31/03/2026 | 2026Total, 01/04/2025 to 31/03/2026 | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External customers$ | – | – | 27,374 | 13,609,099 | – | 13,636,473 | PDF p. 159 |
| Total revenue$ | – | – | 27,374 | 13,609,099 | – | 13,636,473 | PDF p. 159 |
| Results | |||||||
| Profit/(Loss) from operations$ | (24,708) | (2,293,782) | (113,296) | 4,764,472 | – | 2,332,686 | PDF p. 159 |
| Allowance for inventories obsolescence$ | – | – | (18,774) | – | – | (18,774) | PDF p. 159 |
| Bad debt written off$ | – | – | (1,400) | – | – | (1,400) | PDF p. 159 |
| Deposit received/(paid) forfeited$ | – | – | 4,715 | (18,060) | – | (13,345) | PDF p. 159 |
| Depreciation of property, plant and equipment$ | – | (6,925) | (47,453) | (4,019,938) | – | (4,074,316) | PDF p. 159 |
| Impairment losses on goodwill$ | – | – | – | (18,501) | – | (18,501) | PDF p. 159 |
| Interest expense$ | – | – | (2,655) | (365,003) | – | (367,658) | PDF p. 159 |
| Inventories written back$ | – | – | 6,801 | – | – | 6,801 | PDF p. 159 |
| Property, plant and equipment written off$ | – | – | – | (69,560) | – | (69,560) | PDF p. 159 |
| Reversal of allowance for inventories obsolescence$ | – | – | 51,676 | – | – | 51,676 | PDF p. 159 |
| Reversal of loss allowance on financial assets and contract assets$ | – | – | 4,986 | (49,795) | – | (44,809) | PDF p. 159 |
| Reversal of provision for warranty$ | – | – | 679 | – | – | 679 | PDF p. 159 |
| Profit/(Loss) before income tax$ | (24,708) | (2,300,707) | (114,721) | 223,615 | – | (2,216,521) | PDF p. 159 |
| Income tax expense$ | – | (4,414) | – | (376,365) | – | (380,779) | PDF p. 159 |
| Net loss for the financial year$ | (24,708) | (2,305,121) | (114,721) | (152,750) | – | (2,597,300) | PDF p. 159 |
| Assets | |||||||
| Reportable segment assets$ | 360 | 16,366,316 | 725,897 | 33,431,275 | (26,186,896) | 24,336,952 | PDF p. 159 |
| Liabilities | |||||||
| Reportable segment liabilities$ | (181,686) | (6,242,909) | (3,343,393) | (28,328,612) | 26,168,016 | (11,928,584) | PDF p. 159 |
Notes
Table for the year/period ended 31 March 2026 (01/04/2025 to 31/03/2026). Segments: Chartering services; Corporate; Supply chain management; Lifestyle retail business; Adjustments and eliminations; Total.
Income taxes are managed on a Group basis. Management evaluates performance on the basis of profit or loss from operation before income tax expense not including non-recurring gains or losses and foreign exchange gains or losses.
Inter-segment transactions are eliminated on consolidation; certain comparative figures have been reclassified.
Business segments – Group, 01/01/2024 to 31/03/2025 20 lines
| Item / unit | 2025Chartering services, 01/01/2024 to 31/03/2025 | 2025Corporate, 01/01/2024 to 31/03/2025 | 2025Supply chain management, 01/01/2024 to 31/03/2025 | 2025Lifestyle retail business, 01/01/2024 to 31/03/2025 | 2025Adjustments and eliminations, 01/01/2024 to 31/03/2025 | 2025Total, 01/01/2024 to 31/03/2025 | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| External customers$ | – | – | 71,456 | 14,629,856 | – | 14,701,312 | PDF p. 160 |
| Total revenue$ | – | – | 71,456 | 14,629,856 | – | 14,701,312 | PDF p. 160 |
| Results | |||||||
| Profit/(Loss) from operations$ | (27,497) | (1,250,302) | (45,709) | 3,889,223 | – | 2,565,715 | PDF p. 160 |
| Allowance for inventories obsolescence$ | – | – | (856,270) | – | – | (856,270) | PDF p. 160 |
| Bad debt written off$ | – | – | (23,718) | (2,581) | – | (26,299) | PDF p. 160 |
| Deposit received forfeited$ | – | – | 1,531 | – | – | 1,531 | PDF p. 160 |
| Depreciation of property, plant and equipment$ | – | (6,589) | (35,053) | (4,893,479) | – | (4,935,121) | PDF p. 160 |
| Loss on disposal of property, plant and equipment$ | – | – | (1,841) | – | – | (1,841) | PDF p. 160 |
| Gain on termination of lease$ | – | – | 8,353 | 155 | – | 8,508 | PDF p. 160 |
| Impairment losses on goodwill$ | – | – | – | (256,646) | – | (256,646) | PDF p. 160 |
| Interest expense – lease liabilities$ | – | – | (4,310) | (350,722) | – | (355,032) | PDF p. 160 |
| Inventories written off$ | – | – | (15,518) | – | – | (15,518) | PDF p. 160 |
| Reversal of allowance for inventories obsolescence$ | – | – | 126,401 | – | – | 126,401 | PDF p. 160 |
| Reversal of loss allowance on financial assets and contract assets$ | – | – | 1,913,446 | 524,588 | – | 2,438,034 | PDF p. 160 |
| Reversal of provision for warranty$ | – | – | 1,801 | – | – | 1,801 | PDF p. 160 |
| Profit/(Loss) before income tax$ | (27,497) | (1,256,891) | 1,069,113 | (1,089,462) | – | (1,304,737) | PDF p. 160 |
| Income tax expense$ | (339) | (17,969) | – | (652,647) | – | (670,955) | PDF p. 160 |
| Net profit/(loss) for the financial period$ | (27,836) | (1,274,860) | 1,069,113 | (1,742,109) | – | (1,975,692) | PDF p. 160 |
| Assets | |||||||
| Reportable segment assets$ | 372 | 16,704,985 | 449,296 | 34,141,845 | (25,639,420) | 25,657,078 | PDF p. 160 |
| Liabilities | |||||||
| Reportable segment liabilities$ | (162,007) | (5,408,484) | (2,928,788) | (26,183,663) | 23,189,588 | (11,493,354) | PDF p. 160 |
Notes
Comparative period 01/01/2024 to 31/03/2025 (15-month period), as printed. Segments: Chartering services; Corporate; Supply chain management; Lifestyle retail business; Adjustments and eliminations; Total.
Certain comparative figures have been reclassified to conform with current year presentation.
By geography
Geographical segments – Revenue and non-current assets 3 lines
| Item / unit | 2026Revenue, 01/04/2025 to 31/03/2026 | 2025Revenue, 01/01/2024 to 31/03/2025 | 2026Non-current assets, 2026 | 2025Non-current assets, 2025 | Source |
|---|---|---|---|---|---|
| Geographical segments | |||||
| Malaysia$ | 13,636,473 | 14,696,812 | 18,396,092 | 19,858,264 | PDF p. 158 |
| Singapore$ | – | 4,500 | – | – | PDF p. 158 |
| Total$ | 13,636,473 | 14,701,312 | 18,396,092 | 19,858,264 | PDF p. 158 |
Notes
Revenue and non-current assets information based on the geographical location of customers and assets respectively.
Non-current assets information presented above consists of property, plant and equipment, intangible assets, deferred tax assets and contract assets as presented in the consolidated balance sheets.
Total row has no printed label.
Debt
Borrowings
Borrowing notes 2 tables
Borrowings
| Item / unit | 2026$ | 2025$ | Source |
|---|---|---|---|
| Secured | |||
| Bank borrowings$ | 1,876,249 | – | PDF p. 155 |
| Less: Amount due for settlement within 12 months (shown under current liabilities)$ | (181,766) | – | PDF p. 155 |
| Amount due for settlement after 12 months$ | 1,694,483 | – | PDF p. 155 |
Notes
The Group’s bank borrowings relates to a fixed rate bank borrowing of a subsidiary bearing an effective interest rate of 8.00% per annum. This loan is for general working capital purposes.
This bank borrowing is secured by: (a) pledged fixed deposits amounting to $799,500 (Note 21); (b) corporate guarantee by 9RL; and (c) joint and several guarantee by Chief Executive Officer of the Group.
Carrying amounts of financial liabilities at amortised cost (borrowings and lease liabilities)
| Item / unit | 2026Group | 2025Group | 2026Company | 2025Company | Source |
|---|---|---|---|---|---|
| Financial liabilities at amortised cost | |||||
| Lease liabilities$ | 5,890,252 | 6,922,767 | – | – | PDF p. 161 |
| Borrowings$ | 1,876,249 | – | – | – | PDF p. 161 |
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company currently does not have a formal dividend policy. The amount and frequency of dividend payments would depend on, inter alia, the Group’s financial performance and financial position, its expansion plans and working capital needs, and other factors as the Board may deem appropriate. | Company | PDF p. 43 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend recommendation FY2026 | the Board has not recommended any dividends for FY2026 | Group, FY2026 | PDF p. 43 |
Extracted from ANNUAL REPORT 2026 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 |
|---|---|---|---|
| Audit firm | FORVIS MAZARS LLP | Group and Company, FY ended 31 March 2026 | PDF p. 93 |
| Engagement partner | Chan Hock Leong, Rick | Group and Company, FY ended 31 March 2026 | PDF p. 93 |
| Opinion | so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2026 | Group and Company | PDF p. 88 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of goodwill | Management determines the recoverable amount of the CGU to which goodwill is allocated to, using the value- | Group, 31 March 2026 | PDF p. 89 |
| Expected credit losses (“ECL”) on trade receivables and contract assets | As the determination of the ECL requires significant | Group, 31 March 2026 | PDF p. 90 |
Extracted from ANNUAL REPORT 2026 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 2026, 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.