KOP 5I1
Financials
ANNUAL REPORT 2026
Explore the statements
12 tablesConsolidated Statement of Comprehensive Income
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$’000 | 19,823 | 69,676 | PDF p. 39 |
| Cost of salesS$’000 | (7,265) | (50,653) | PDF p. 39 |
| Gross profitS$’000 | 12,558 | 19,023 | PDF p. 39 |
| Other operating incomeS$’000 | 400 | 2,429 | PDF p. 39 |
| Distribution costsS$’000 | (374) | (2,306) | PDF p. 39 |
| Administrative and general expensesS$’000 | (15,884) | (17,113) | PDF p. 39 |
| Share of result from investment in an associateS$’000 | - | (1) | PDF p. 39 |
| Finance costsS$’000 | (21) | (476) | PDF p. 39 |
| (Loss)/Profit before income taxS$’000 | (3,321) | 1,556 | PDF p. 39 |
| Income tax expenseS$’000 | (17) | (558) | PDF p. 39 |
| (Loss)/Profit after income taxS$’000 | (3,338) | 998 | PDF p. 39 |
| Other comprehensive income for the year; Item that may be subsequently reclassified to profit or loss | |||
| Exchange difference on translation of foreign operationsS$’000 | (2,840) | (2,208) | PDF p. 39 |
| Other comprehensive income for the year | |||
| Total comprehensive income for the yearS$’000 | (6,178) | (1,210) | PDF p. 39 |
| (Loss)/Profit attributable to | |||
| Owners of the CompanyS$’000 | (3,656) | (1,178) | PDF p. 39 |
| Non-controlling interestsS$’000 | 318 | 2,176 | PDF p. 39 |
| (Loss)/Profit attributable to subtotal | |||
| SubtotalS$’000 | (3,338) | 998 | PDF p. 39 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyS$’000 | (6,241) | (3,186) | PDF p. 39 |
| Non-controlling interestsS$’000 | 63 | 1,976 | PDF p. 39 |
| Total comprehensive income attributable to subtotal | |||
| SubtotalS$’000 | (6,178) | (1,210) | PDF p. 39 |
| Loss per share (cents) | |||
| Basic and dilutedcents per share | (0.33) | (0.11) | PDF p. 39 |
Definitions & sources
Original report: PDF p. 39 ↗
The statement is headed “CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026.”
The accompanying notes form an integral part of the financial statements.
Statements of Financial Position — Group
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Assets; Non-Current Assets | |||
| Property, plant and equipmentS$’000 | 57,454 | 61,220 | PDF p. 40 |
| Investments in subsidiariesS$’000 | - | - | PDF p. 40 |
| Assets; Non-Current Assets subtotal | |||
| SubtotalS$’000 | 57,454 | 61,220 | PDF p. 40 |
| Assets; Current Assets | |||
| InventoriesS$’000 | 226 | 284 | PDF p. 40 |
| Trade and other receivablesS$’000 | 6,204 | 5,121 | PDF p. 40 |
| Other current assetsS$’000 | 429 | 367 | PDF p. 40 |
| Cash and bank balancesS$’000 | 4,373 | 12,086 | PDF p. 40 |
| Assets; Current Assets subtotal | |||
| SubtotalS$’000 | 11,232 | 17,858 | PDF p. 40 |
| Assets | |||
| TOTAL ASSETSS$’000 | 68,686 | 79,078 | PDF p. 40 |
| Equity attributable to owners of the Company | |||
| Share capitalS$’000 | 78,940 | 78,940 | PDF p. 40 |
| Foreign currency translation reserveS$’000 | (9,785) | (7,200) | PDF p. 40 |
| Other reservesS$’000 | 3,392 | 2,979 | PDF p. 40 |
| Accumulated lossesS$’000 | (14,689) | (10,036) | PDF p. 40 |
| Equity attributable to owners of the Company subtotal | |||
| SubtotalS$’000 | 57,858 | 64,683 | PDF p. 40 |
| Equity | |||
| Non-controlling interestsS$’000 | 3,478 | 3,415 | PDF p. 40 |
| Equity subtotal | |||
| SubtotalS$’000 | 61,336 | 68,098 | PDF p. 40 |
| Non-Current Liabilities | |||
| Deferred tax liabilitiesS$’000 | 280 | 293 | PDF p. 40 |
| Lease liabilitiesS$’000 | 339 | 18 | PDF p. 40 |
| Non-Current Liabilities subtotal | |||
| SubtotalS$’000 | 619 | 311 | PDF p. 40 |
| Current Liabilities | |||
| Bank borrowings (secured)S$’000 | - | 1,425 | PDF p. 40 |
| Lease liabilitiesS$’000 | 116 | 96 | PDF p. 40 |
| Contract liabilitiesS$’000 | 88 | 94 | PDF p. 40 |
| Tax payableS$’000 | 1,632 | 2,293 | PDF p. 40 |
| Trade and other payablesS$’000 | 4,895 | 6,162 | PDF p. 40 |
| Retention sum payableS$’000 | - | 599 | PDF p. 40 |
| Current Liabilities subtotal | |||
| SubtotalS$’000 | 6,731 | 10,669 | PDF p. 40 |
| Equity and Liabilities | |||
| TOTAL EQUITY AND LIABILITIESS$’000 | 68,686 | 79,078 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Statement heading: “STATEMENTS OF FINANCIAL POSITION / AS AT 31 MARCH 2026.”
Rows are the Group columns only; the same source page also prints Company columns, extracted in a separate table.
The accompanying notes form an integral part of the financial statements.
Statements of Financial Position — Company
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Company | 2025Company | Source |
|---|---|---|---|
| Assets; Non-Current Assets | |||
| Property, plant and equipmentS$’000 | 6 | 1 | PDF p. 40 |
| Investments in subsidiariesS$’000 | 96,773 | 104,718 | PDF p. 40 |
| Assets; Non-Current Assets subtotal | |||
| SubtotalS$’000 | 96,779 | 104,719 | PDF p. 40 |
| Assets; Current Assets | |||
| InventoriesS$’000 | - | - | PDF p. 40 |
| Trade and other receivablesS$’000 | 1,919 | 334 | PDF p. 40 |
| Other current assetsS$’000 | 31 | 31 | PDF p. 40 |
| Cash and bank balancesS$’000 | 3,185 | 8,393 | PDF p. 40 |
| Assets; Current Assets subtotal | |||
| SubtotalS$’000 | 5,135 | 8,758 | PDF p. 40 |
| Assets | |||
| TOTAL ASSETSS$’000 | 101,914 | 113,477 | PDF p. 40 |
| Equity attributable to owners of the Company | |||
| Share capitalS$’000 | 294,506 | 294,506 | PDF p. 40 |
| Foreign currency translation reserveS$’000 | - | - | PDF p. 40 |
| Other reservesS$’000 | - | - | PDF p. 40 |
| Accumulated lossesS$’000 | (193,126) | (191,830) | PDF p. 40 |
| Equity attributable to owners of the Company subtotal | |||
| SubtotalS$’000 | 101,380 | 102,676 | PDF p. 40 |
| Equity | |||
| Non-controlling interestsS$’000 | - | - | PDF p. 40 |
| Equity subtotal | |||
| SubtotalS$’000 | 101,380 | 102,676 | PDF p. 40 |
| Non-Current Liabilities | |||
| Deferred tax liabilitiesS$’000 | - | - | PDF p. 40 |
| Lease liabilitiesS$’000 | - | - | PDF p. 40 |
| Non-Current Liabilities subtotal | |||
| SubtotalS$’000 | - | - | PDF p. 40 |
| Current Liabilities | |||
| Bank borrowings (secured)S$’000 | - | - | PDF p. 40 |
| Lease liabilitiesS$’000 | - | - | PDF p. 40 |
| Contract liabilitiesS$’000 | - | - | PDF p. 40 |
| Tax payableS$’000 | - | - | PDF p. 40 |
| Trade and other payablesS$’000 | 534 | 10,801 | PDF p. 40 |
| Retention sum payableS$’000 | - | - | PDF p. 40 |
| Current Liabilities subtotal | |||
| SubtotalS$’000 | 534 | 10,801 | PDF p. 40 |
| Equity and Liabilities | |||
| TOTAL EQUITY AND LIABILITIESS$’000 | 101,914 | 113,477 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Statement heading: “STATEMENTS OF FINANCIAL POSITION / AS AT 31 MARCH 2026.”
Rows are the Company columns only; the same source page also prints Group columns, extracted in a separate table.
The accompanying notes form an integral part of the financial statements.
Consolidated Statement of Comprehensive Income
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Income statement | |||
| RevenueS$’000 | 19,823 | 69,676 | PDF p. 39 |
| Cost of salesS$’000 | (7,265) | (50,653) | PDF p. 39 |
| Gross profitS$’000 | 12,558 | 19,023 | PDF p. 39 |
| Other operating incomeS$’000 | 400 | 2,429 | PDF p. 39 |
| Distribution costsS$’000 | (374) | (2,306) | PDF p. 39 |
| Administrative and general expensesS$’000 | (15,884) | (17,113) | PDF p. 39 |
| Share of result from investment in an associateS$’000 | - | (1) | PDF p. 39 |
| Finance costsS$’000 | (21) | (476) | PDF p. 39 |
| (Loss)/Profit before income taxS$’000 | (3,321) | 1,556 | PDF p. 39 |
| Income tax expenseS$’000 | (17) | (558) | PDF p. 39 |
| (Loss)/Profit after income taxS$’000 | (3,338) | 998 | PDF p. 39 |
| Other comprehensive income | |||
| Exchange difference on translation of foreign operationsS$’000 | (2,840) | (2,208) | PDF p. 39 |
| Total comprehensive income for the yearS$’000 | (6,178) | (1,210) | PDF p. 39 |
| Loss/Profit attributable to | |||
| Owners of the CompanyS$’000 | (3,656) | (1,178) | PDF p. 39 |
| Non-controlling interestsS$’000 | 318 | 2,176 | PDF p. 39 |
| Total (Loss)/Profit after income taxS$’000 | (3,338) | 998 | PDF p. 39 |
| Total comprehensive income attributable to | |||
| Owners of the CompanyS$’000 | (6,241) | (3,186) | PDF p. 39 |
| Non-controlling interestsS$’000 | 63 | 1,976 | PDF p. 39 |
| Total comprehensive incomeS$’000 | (6,178) | (1,210) | PDF p. 39 |
| Loss per share | |||
| Basic and dilutedcents | (0.33) | (0.11) | PDF p. 39 |
Definitions & sources
Original report: PDF p. 39 ↗
Item that may be subsequently reclassified to profit or loss: exchange difference on translation of foreign operations.
The accompanying notes form an integral part of the financial statements.
Statements of Changes in Equity — Group, year ended 31 March 2026
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group — Share capital (S$’000) | 2026Group — Foreign currency translation reserve (S$’000) | 2026Group — Other reserves (S$’000) | 2026Group — Accumulated losses (S$’000) | 2026Group — Equity attributable to owners of the Company (S$’000) | 2026Group — Non-controlling interests (S$’000) | 2026Group — Total equity (S$’000) | Source |
|---|---|---|---|---|---|---|---|---|
| Group | ||||||||
| As at 1 April 2025S$’000 | 78,940 | (7,200) | 2,979 | (10,036) | 64,683 | 3,415 | 68,098 | PDF p. 41 |
| Total comprehensive income for the year | ||||||||
| (Loss)/Profit for the yearS$’000 | - | - | - | (3,656) | (3,656) | 318 | (3,338) | PDF p. 41 |
| Other comprehensive income | ||||||||
| Exchange difference on translation of foreign operationsS$’000 | - | (2,585) | - | - | (2,585) | (255) | (2,840) | PDF p. 41 |
| Total comprehensive income for the year | ||||||||
| Total comprehensive income for the yearS$’000 | - | (2,585) | - | (3,656) | (6,241) | 63 | (6,178) | PDF p. 41 |
| Transactions with owners of the Company recognised directly in equity | ||||||||
| Dissolution of a subsidiaryS$’000 | - | - | 413 | - | 413 | - | 413 | PDF p. 41 |
| Dividends paidS$’000 | - | - | - | (997) | (997) | - | (997) | PDF p. 41 |
| Total transactions with ownersS$’000 | - | - | 413 | (997) | (584) | - | (584) | PDF p. 41 |
| Group | ||||||||
| As at 31 March 2026S$’000 | 78,940 | (9,785) | 3,392 | (14,689) | 57,858 | 3,478 | 61,336 | PDF p. 41 |
Definitions & sources
Original report: PDF p. 41 ↗
The accompanying notes form an integral part of the financial statements.
Statements of Changes in Equity — Group, comparative year ended 31 March 2025
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group — Share capital (S$’000) | 2025Group — Foreign currency translation reserve (S$’000) | 2025Group — Other reserves (S$’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 |
|---|---|---|---|---|---|---|---|---|
| Group | ||||||||
| As at 1 April 2024S$’000 | 78,940 | (5,353) | 1,681 | (5,778) | 69,490 | 3,174 | 72,664 | PDF p. 42 |
| Total comprehensive income for the year | ||||||||
| (Loss)/Profit for the yearS$’000 | - | - | - | (1,178) | (1,178) | 2,176 | 998 | PDF p. 42 |
| Other comprehensive income | ||||||||
| Exchange difference on translation of foreign operationsS$’000 | - | (2,008) | - | - | (2,008) | (200) | (2,208) | PDF p. 42 |
| Total comprehensive income for the year | ||||||||
| Total comprehensive income for the yearS$’000 | - | (2,008) | - | (1,178) | (3,186) | 1,976 | (1,210) | PDF p. 42 |
| Transactions with owners of the Company recognised directly in equity | ||||||||
| Disposal of a subsidiaryS$’000 | - | 167 | - | (3,071) | (2,904) | 2,427 | (477) | PDF p. 42 |
| Dissolution of subsidiariesS$’000 | - | (6) | 1,298 | (9) | 1,283 | (946) | 337 | PDF p. 42 |
| Capital reduction for non-controlling interest without a change in controlS$’000 | - | - | - | - | - | (1,416) | (1,416) | PDF p. 42 |
| Dividends paidS$’000 | - | - | - | - | - | (1,800) | (1,800) | PDF p. 42 |
| Total transactions with ownersS$’000 | - | 161 | 1,298 | (3,080) | (1,621) | (1,735) | (3,356) | PDF p. 42 |
| Group | ||||||||
| As at 31 March 2025S$’000 | 78,940 | (7,200) | 2,979 | (10,036) | 64,683 | 3,415 | 68,098 | PDF p. 42 |
Definitions & sources
Original report: PDF p. 42 ↗
The accompanying notes form an integral part of the financial statements.
Consolidated Cash Flow Statement
45 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| (Loss)/Profit before income taxS$’000 | (3,321) | 1,556 | PDF p. 44 |
| Cash Flows from Operating Activities — Adjustments for | |||
| Depreciation of property, plant and equipmentS$’000 | 2,421 | 3,527 | PDF p. 44 |
| Bad debts written offS$’000 | 3 | 106 | PDF p. 44 |
| Payables written offS$’000 | - | (2,252) | PDF p. 44 |
| Gain on disposal of a subsidiaryS$’000 | - | (275) | PDF p. 44 |
| Loss on dissolution of subsidiariesS$’000 | 413 | 288 | PDF p. 44 |
| Gain on disposal of property, plant and equipmentS$’000 | (103) | (59) | PDF p. 44 |
| Interest incomeS$’000 | (199) | (153) | PDF p. 44 |
| Finance costsS$’000 | 21 | 476 | PDF p. 44 |
| Unrealised foreign exchange differencesS$’000 | (791) | (289) | PDF p. 44 |
| Share of result from investment in an associateS$’000 | - | 1 | PDF p. 44 |
| Cash Flows from Operating Activities | |||
| Operating cash flows before changes in working capitalS$’000 | (1,556) | 2,926 | PDF p. 44 |
| Cash Flows from Operating Activities — Changes in working capital | |||
| Trade and other receivablesS$’000 | 211 | 2,755 | PDF p. 44 |
| Other current assetsS$’000 | (62) | 34 | PDF p. 44 |
| Development propertiesS$’000 | - | 43,564 | PDF p. 44 |
| Contract assetsS$’000 | - | 2,205 | PDF p. 44 |
| InventoriesS$’000 | 58 | 4 | PDF p. 44 |
| Trade and other payablesS$’000 | (872) | (2,701) | PDF p. 44 |
| Contract liabilitiesS$’000 | (6) | (5) | PDF p. 44 |
| Retention sum payableS$’000 | (599) | 5 | PDF p. 44 |
| Cash Flows from Operating Activities | |||
| Cash flows (used in)/from operating activitiesS$’000 | (2,826) | 48,787 | PDF p. 44 |
| Interest paidS$’000 | (13) | (271) | PDF p. 44 |
| Interest receivedS$’000 | 94 | 104 | PDF p. 44 |
| Tax paidS$’000 | (442) | (1,509) | PDF p. 44 |
| Net cash flows (used in)/from operating activitiesS$’000 | (3,187) | 47,111 | PDF p. 44 |
| Cash Flows from Investing Activities | |||
| Purchase of property, plant and equipmentS$’000 | (1,085) | (1,495) | PDF p. 44 |
| Proceeds from disposal of property, plant and equipmentS$’000 | 120 | 131 | PDF p. 44 |
| Capital reduction for non-controlling interestsS$’000 | - | (1,416) | PDF p. 44 |
| Loan to a related partyS$’000 | (3,862) | (2,868) | PDF p. 44 |
| Repayment of loan from a related partyS$’000 | 2,868 | - | PDF p. 44 |
| Net cash flows used in investing activitiesS$’000 | (1,959) | (5,648) | PDF p. 44 |
| Cash Flows from Financing Activities | |||
| Repayment of bank borrowingsS$’000 | (1,373) | (13,890) | PDF p. 45 |
| Decrease in restricted funds placed in escrow accountsS$’000 | 193 | 19 | PDF p. 45 |
| Repayment of finance leaseS$’000 | - | (3) | PDF p. 45 |
| Repayment of lease liabilitiesS$’000 | (166) | (121) | PDF p. 45 |
| Repayment of loans from a shareholderS$’000 | - | (6,897) | PDF p. 45 |
| Repayment of loan from a non-controlling interestS$’000 | - | (13,860) | PDF p. 45 |
| Proceeds from loan from a shareholderS$’000 | - | 1,420 | PDF p. 45 |
| Proceeds from loan from a non-controlling interestS$’000 | - | 160 | PDF p. 45 |
| Dividends paid to shareholdersS$’000 | (997) | - | PDF p. 45 |
| Net cash flows used in financing activitiesS$’000 | (2,343) | (33,172) | PDF p. 45 |
| Cash Flows | |||
| Net changes in cash and cash equivalentsS$’000 | (7,489) | 8,291 | PDF p. 45 |
| Cash and cash equivalents at the beginning of the financial yearS$’000 | 11,893 | 3,613 | PDF p. 45 |
| Effect of foreign currency translation on cash and cash equivalentsS$’000 | (31) | (11) | PDF p. 45 |
| Cash and cash equivalents at the end of the financial year (Note 16)S$’000 | 4,373 | 11,893 | PDF p. 45 |
Definitions & sources
Original report: PDF p. 44 ↗ PDF p. 45 ↗
The accompanying notes form an integral part of the financial statements.
Basic and diluted loss per share data
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Loss per Share | |||
| Loss attributable to owners of the CompanyS$’000 | (3,656) | (1,178) | PDF p. 62 |
| Weighted average number of ordinary shares for basic and diluted earnings per sharenumber of shares | 1,107,962,214 | 1,107,962,214 | PDF p. 62 |
| Basic and diluted loss per sharecents per share | (0.33) | (0.11) | PDF p. 62 |
Definitions & sources
Original report: PDF p. 62 ↗
Basic loss per share is calculated by dividing loss, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year.
Diluted loss per share is calculated by dividing loss, net of tax, attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The table reflects the loss and shares data used in the computation of basic and diluted loss per share for the financial years ended 31 March.
Share purchase mandate illustrative financial ratios (A): purchases made entirely out of capital and cancelled
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, Before Share Purchase | 2026Group, After Market Purchase | 2026Group, After Off-Market Purchase | 2026Company, Before Share Purchase | 2026Company, After Market Purchase | 2026Company, After Off-Market Purchase | Source |
|---|---|---|---|---|---|---|---|
| Financial Ratios | |||||||
| NTA per Share (cents)(3)cents | 5.22 | 5.30 | 5.24 | 9.15 | 9.67 | 9.60 | PDF p. 111 |
| Gearing ratio (times) (4)times | 0.01 | 0.01 | 0.01 | - | - | - | PDF p. 111 |
| EPS (cents)cents | (0.33) | (0.37) | (0.37) | (0.03) | (0.03) | (0.03) | PDF p. 111 |
Definitions & sources
Original report: PDF p. 111 ↗
(1) Total shareholders’ equity exclude non-controlling interests. (2) NTA refers to net assets less intangible assets. (3) NTA per Share is computed based on the NTA (i.e., net assets less intangible assets) divided by the number of Shares issued. (4) Gearing ratio equals to total borrowings divided by shareholders’ equity. (5) Current ratio equals to current assets divided by current liabilities. (6) Purchases or acquisitions of Shares by the Company pursuant to the Share Purchase Mandate would only be made in circumstances where it is considered to be in the best interest of the Company, and the purchases or acquisitions of Shares may not be carried out to the full 10% as mandated. Further, the Directors would emphasise that they do not propose to carry out Share Purchases to such an extent that would, or in circumstances that might result in a material adverse effect on the financial position of the Company or the Group.
Share purchase mandate illustrative financial ratios (B): purchases made entirely out of profits and cancelled
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, Before Share Purchase | 2026Group, After Market Purchase | 2026Group, After Off-Market Purchase | 2026Company, Before Share Purchase | 2026Company, After Market Purchase | 2026Company, After Off-Market Purchase | Source |
|---|---|---|---|---|---|---|---|
| Financial Ratios | |||||||
| NTA per Share (cents)(3)cents | 5.22 | 5.30 | 5.24 | 9.15 | 9.67 | 9.60 | PDF p. 112 |
| Gearing ratio (times) (4)times | 0.01 | 0.01 | 0.01 | - | - | - | PDF p. 112 |
| EPS (cents)cents | (0.33) | (0.37) | (0.37) | (0.03) | (0.03) | (0.03) | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
(1) Total shareholders’ equity exclude non-controlling interests. (2) NTA refers to net assets less intangible assets. (3) NTA per Share is computed based on the NTA (i.e., net assets less intangible assets) divided by the number of Shares issued. (4) Gearing ratio equals to total borrowings divided by shareholders’ equity. (5) Current ratio equals to current assets divided by current liabilities. (6) Purchases or acquisitions of Shares by the Company pursuant to the Share Purchase Mandate would only be made in circumstances where it is considered to be in the best interest of the Company, and the purchases or acquisitions of Shares may not be carried out to the full 10% as mandated. Further, the Directors would emphasise that they do not propose to carry out Share Purchases to such an extent that would, or in circumstances that might result in a material adverse effect on the financial position of the Company or the Group.
Share purchase mandate illustrative financial ratios (C): purchases made entirely out of capital and held as treasury shares
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, Before Share Purchase | 2026Group, After Market Purchase | 2026Group, After Off-Market Purchase | 2026Company, Before Share Purchase | 2026Company, After Market Purchase | 2026Company, After Off-Market Purchase | Source |
|---|---|---|---|---|---|---|---|
| Financial Ratios | |||||||
| NTA per Share (cents)(3)cents | 5.22 | 5.30 | 5.24 | 9.15 | 9.67 | 9.60 | PDF p. 113 |
| Gearing ratio (times)(4)times | 0.01 | 0.01 | 0.01 | - | - | - | PDF p. 113 |
| EPS (cents)cents | (0.33) | (0.37) | (0.37) | (0.03) | (0.03) | (0.03) | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
Ratios on page 113 are from the illustrative share purchase mandate scenarios; definitions and footnotes are printed on page 114 and reproduced in the notes to table (D).
Share purchase mandate illustrative financial ratios (D): purchases made entirely out of profits and held as treasury shares
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group, Before Share Purchase | 2026Group, After Market Purchase | 2026Group, After Off-Market Purchase | 2026Company, Before Share Purchase | 2026Company, After Market Purchase | 2026Company, After Off-Market Purchase | Source |
|---|---|---|---|---|---|---|---|
| Financial Ratios | |||||||
| NTA per Share (cents)(3)cents | 5.22 | 5.30 | 5.24 | 9.15 | 9.67 | 9.60 | PDF p. 114 |
| Gearing ratio (times)(4)times | 0.01 | 0.01 | 0.01 | - | - | - | PDF p. 114 |
| EPS (cents)cents | (0.33) | (0.37) | (0.37) | (0.03) | (0.03) | (0.03) | PDF p. 114 |
Definitions & sources
Original report: PDF p. 114 ↗
(1) Total shareholders’ equity exclude non-controlling interests. (2) NTA refers to net assets less intangible assets. (3) NTA per Share is computed based on the NTA (i.e., net assets less intangible assets) divided by the number of Shares issued. (4) Gearing ratio equals to total borrowings divided by shareholders’ equity. (5) Current ratio equals to current assets divided by current liabilities. (6) Purchases or acquisitions of Shares by the Company pursuant to the Share Purchase Mandate would only be made in circumstances where it is considered to be in the best interest of the Company, and the purchases or acquisitions of Shares may not be carried out to the full 10% as mandated. Further, the Directors would emphasise that they do not propose to carry out Share Purchases to such an extent that would, or in circumstances that might result in a material adverse effect on the financial position of the Company or the Group. Shareholders should note that the financial effects, based on the respective aforementioned assumptions, are for illustrative purposes only. In particular, it is not possible for the Company to realistically calculate or quantify the impact of purchases or acquisitions that may be made pursuant to the Share Purchase Mandate on the NTA per Share and EPS as the resultant effect would depend on factors such as the aggregate number of Shares purchased, the purchase price paid at the relevant time, and the amount (if any) borrowed by the Company to fund purchases or acquisitions. The analysis is based on the audited accounts of the Company and Group for the financial year ended 31 March 2026, and is not necessarily representative of future financial performance of the Company or Group.
Where the money comes from
Segment information
By business
Segment information by business segment, FY2026 (year ended 31 March 2026) 14 lines
| Item / unit | 2026Real estate development and investment | 2026Real estate origination and management services | 2026Hospitality | 2026Corporate office | 2026Inter-segment eliminations | 2026Total | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue from external customersS$'000 | - | 30 | 19,793 | - | - | 19,823 | PDF p. 90 |
| Inter-segment revenueS$'000 | - | - | - | 1,908 | (1,908) | - | PDF p. 90 |
| Results | |||||||
| Segment resultsS$'000 | (12) | (1,700) | 1,162 | (2,750) | - | (3,300) | PDF p. 90 |
| Finance costsS$'000 | - | (9) | (12) | - | - | (21) | PDF p. 90 |
| Reportable profit/(loss)S$'000 | (12) | (1,709) | 1,150 | (2,750) | - | (3,321) | PDF p. 90 |
| Income tax expenseS$'000 | 136 | (5) | (148) | - | - | (17) | PDF p. 90 |
| Profit/(Loss) for the yearS$'000 | 124 | (1,714) | 1,002 | (2,750) | - | (3,338) | PDF p. 90 |
| Other information | |||||||
| Cost of salesS$'000 | (3) | - | (7,262) | - | - | (7,265) | PDF p. 90 |
| Interest incomeS$'000 | - | - | 106 | 93 | - | 199 | PDF p. 90 |
| Employee benefit expenseS$'000 | - | (1,145) | (3,143) | (2,444) | - | (6,732) | PDF p. 90 |
| Depreciation of property, plant and equipmentS$'000 | - | (80) | (2,334) | (7) | - | (2,421) | PDF p. 90 |
| Assets | |||||||
| Reportable segments assetsS$'000 | 1,015 | 683 | 63,762 | 3,226 | - | 68,686 | PDF p. 90 |
| Reportable segments assets included | |||||||
| Additions to non-current assetsS$'000 | - | 660 | 908 | 12 | - | 1,580 | PDF p. 90 |
| Liabilities | |||||||
| Reportable segments liabilitiesS$'000 | 10 | 459 | 6,346 | 535 | - | 7,350 | PDF p. 90 |
Notes
Segment revenue represents revenue generated from external and internal customers. Transfer prices between operating segments are on an arm's length basis.
Row 'Depreciation of property, plant and equipment' wraps; the label's first line is 'Depreciation of property, plant' and the quote is the second line carrying the values.
Segment information by business segment, FY2025 (year ended 31 March 2025) 15 lines
| Item / unit | 2025Real estate development and investment | 2025Real estate origination and management services | 2025Hospitality | 2025Corporate office | 2025Inter-segment eliminations | 2025Total | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Revenue from external customersS$'000 | 50,921 | 230 | 18,525 | - | - | 69,676 | PDF p. 91 |
| Inter-segment revenueS$'000 | - | - | - | 2,160 | (2,160) | - | PDF p. 91 |
| Results | |||||||
| Segment resultsS$'000 | 5,596 | 658 | (1,407) | (2,814) | - | 2,033 | PDF p. 91 |
| Finance costsS$'000 | (113) | (11) | (200) | (152) | - | (476) | PDF p. 91 |
| Share of result from investment in an associateS$'000 | (1) | - | - | - | - | (1) | PDF p. 91 |
| Reportable profit/(loss)S$'000 | 5,482 | 647 | (1,607) | (2,966) | - | 1,556 | PDF p. 91 |
| Income tax expenseS$'000 | (504) | - | (54) | - | - | (558) | PDF p. 91 |
| Profit/(Loss) for the yearS$'000 | 4,978 | 647 | (1,661) | (2,966) | - | 998 | PDF p. 91 |
| Other information | |||||||
| Cost of salesS$'000 | (43,127) | - | (7,526) | - | - | (50,653) | PDF p. 91 |
| Interest incomeS$'000 | - | 44 | 4 | 105 | - | 153 | PDF p. 91 |
| Employee benefit expenseS$'000 | (89) | (1,499) | (2,641) | (2,395) | - | (6,624) | PDF p. 91 |
| Depreciation of property, plant and equipmentS$'000 | - | (139) | (3,388) | * | - | (3,527) | PDF p. 91 |
| Assets | |||||||
| Reportable segments assetsS$'000 | 3,786 | 3,348 | 63,513 | 8,431 | - | 79,078 | PDF p. 91 |
| Reportable segments assets included | |||||||
| Additions to non-current assetsS$'000 | - | 129 | 1,485 | 2 | - | 1,616 | PDF p. 91 |
| Liabilities | |||||||
| Reportable segments liabilitiesS$'000 | 1,387 | 2,247 | 6,490 | 856 | - | 10,980 | PDF p. 91 |
Notes
* Denotes amount less than S$1,000
Wrapped labels: 'Share of result from investment' / 'in an associate'; 'Depreciation of property, plant' / 'and equipment'; quotes are the lines carrying the values.
By geography
Geographical information: revenue and non-current assets 4 lines
| Item / unit | 2026Revenue | 2025Revenue | 2026Non-current assets (excluding deferred tax assets) | 2025Non-current assets (excluding deferred tax assets) | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| SingaporeS$'000 | 477 | 51,151 | 664 | 119 | PDF p. 92 |
| IndonesiaS$'000 | 15,832 | 15,432 | 51,340 | 55,272 | PDF p. 92 |
| United KingdomS$'000 | 3,514 | 3,093 | 5,450 | 5,829 | PDF p. 92 |
| Total (unlabelled)S$'000 | 19,823 | 69,676 | 57,454 | 61,220 | PDF p. 92 |
Notes
Revenue from external customers and segment assets (non-current assets excluding deferred tax assets) by geographical location. Operations are principally located in Singapore, Indonesia and United Kingdom. The total row has no printed label.
Debt
Borrowings
Note 27(b) Liquidity risk - contractual undiscounted maturities of debt-related liabilities, Group
| Item / unit | 2026On demand or within one year, S$'000 | 2026Within two to five years, S$'000 | 2026After five years, S$'000 | 2026Total, S$'000 | 2025On demand or within one year, S$'000 | 2025Within two to five years, S$'000 | 2025After five years, S$'000 | 2025Total, S$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group Financial liabilities | |||||||||
| Lease liabilitiesS$'000 | 135 | 280 | 106 | 521 | 99 | 19 | - | 118 | PDF p. 85PDF p. 86 |
| Bank borrowings (secured)S$'000 | 1,439 | - | - | 1,439 | PDF p. 86 | ||||
Notes
Based on contractual undiscounted repayment obligations. Approximately 25% (2025: 100%) of the Group's loans and borrowings will mature in less than one year based on carrying amount.
Borrowing notes 3 tables
Bank Borrowings (Secured) - Group
| Item / unit | 2026S$'000 | 2025S$'000 | Source |
|---|---|---|---|
| Current / Fixed rate bank loans | |||
| - 7-year USD loanS$'000 | - | 1,311 | PDF p. 74 |
| - 5-year SGD loanS$'000 | - | 114 | PDF p. 74 |
| Current | |||
| Total bank borrowings (secured)S$'000 | - | 1,425 | PDF p. 74 |
Notes
7-year USD loan fully repaid; bore interest at 6.00% (2025: 6.00%) per annum, matured June 2025; secured by legal mortgage of leasehold land and building of subsidiaries, personal guarantee from directors and corporate guarantee from the Company.
5-year SGD loan fully repaid; bore interest at 2.75% (2025: 2.75%) per annum, matured July 2025; secured by corporate guarantee from the Company.
No non-current bank borrowings at 31 March 2026 or 2025.
Note 21(b) Lease liabilities - Group
| Item / unit | 2026S$'000 | 2025S$'000 | Source |
|---|---|---|---|
| Lease liabilities | |||
| Non-currentS$'000 | 339 | 18 | PDF p. 73 |
| CurrentS$'000 | 116 | 96 | PDF p. 73 |
| Total lease liabilitiesS$'000 | 455 | 114 | PDF p. 73 |
Total borrowings (Appendix, as at 31 March 2026, before share purchase)
| Item / unit | 2026Group, S$'000 | 2026Company, S$'000 | Source |
|---|---|---|---|
| Purchases made entirely out of capital and cancelled - Before Share Purchase | |||
| Total borrowingsS$'000 | 376 | - | PDF p. 111 |
Notes
First value is Group before share purchase, second Company before share purchase; the row also shows after-market and after-off-market purchase columns (376, 376 for Group; -, - for Company). Total borrowings of 376 is not reconciled to Note 22 in the report (lease liabilities are 455).
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 declared each year will take into consideration the Group’s profit growth, cash position, positive cash flow generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate. | Company, FY2026 | PDF p. 25 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend declared or recommended for FY2026 | No dividend has been declared or recommended for FY2026 as the Company has deemed it more appropriate to retain the cash in the Group for its future growth. | Company, FY2026 | PDF p. 25 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends paid to shareholders | (997) S$’000 | Group, cash flow statement, FY2026 (comparative FY2025: -) | PDF p. 45 |
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 |
|---|---|---|---|
| Moore Stephens LLP | Moore Stephens LLP | Group | PDF p. 38 |
| Engagement partner | Tan Lip Kiam | Group | PDF p. 38 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company | PDF p. 36 |
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.