MYP F86

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Financials

Annual Report 2026

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9 tables

Consolidated statement of profit or loss and other comprehensive income (Group)

16 metrics

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Consolidated statement of profit or loss and other comprehensive income (Group) from Annual Report 2026
Metric / unit	2026Group	2025Group	Source
Income statement
Revenue$'000	18,805	18,289	PDF p. 45
Other income$'000	8	7	PDF p. 45
Fair value gain from investment properties$'000	2,540	400	PDF p. 45
Loss on disposal of investment property held for sale$'000	-	(50)	PDF p. 45
Staff costs$'000	(1,642)	(1,565)	PDF p. 45
Direct operating expenses of investment Properties$'000	(4,516)	(4,580)	PDF p. 45
Depreciation expense on plant and equipment$'000	(99)	(42)	PDF p. 45
Other expenses$'000	(508)	(591)	PDF p. 45
Results from operating activities$'000	14,588	11,868	PDF p. 45
Finance income$'000	2,914	3,355	PDF p. 45
Finance costs$'000	(12,654)	(17,054)	PDF p. 45
Net finance costs$'000	(9,740)	(13,699)	PDF p. 45
Profit/(Loss) before tax$'000	4,848	(1,831)	PDF p. 45
Income tax expense$'000	(563)	(597)	PDF p. 45
Profit/(Loss) for the year, representing total comprehensive income/(loss) for the year$'000	4,285	(2,428)	PDF p. 45
Earnings/(Loss) per share
Basic and diluted earnings/(loss) per share (cents)cents per share	0.27	(0.15)	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

The annexed notes form an integral part of and should be read in conjunction with these financial statements.

Financial year ended 31 March 2026. No separate Company income statement printed.

Statements of financial position (Group and Company)

22 metrics

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Statements of financial position (Group and Company) from Annual Report 2026
Metric / unit	2026Group	2025Group	2026Company	2025Company	Source
Non-Current Assets
Plant and equipment$'000	430	167	1	1	PDF p. 46
Other assets$'000	4,497	4,497	-	-	PDF p. 46
Investment properties$'000	562,740	560,200	-	-	PDF p. 46
Subsidiaries$'000	-	-	310,320	308,316	PDF p. 46
Subtotal$'000	567,667	564,864	310,321	308,317	PDF p. 46
Current Assets
Trade and other receivables$'000	1,475	2,338	31	205	PDF p. 46
Cash and bank balances$'000	134,103	90,474	148	283	PDF p. 46
Subtotal$'000	135,578	92,812	179	488	PDF p. 46
Assets
Total assets$'000	703,245	657,676	310,500	308,805	PDF p. 46
Capital and Reserves
Share capital$'000	255,318	255,318	262,106	262,106	PDF p. 46
Capital reserve$'000	46,677	46,677	(456)	(456)	PDF p. 46
Accumulated losses$'000	(20,660)	(24,945)	(36,842)	(38,327)	PDF p. 46
Total equity$'000	281,335	277,050	224,808	223,323	PDF p. 46
Non-Current Liabilities
Bank borrowings$'000	385,376	324,013	-	-	PDF p. 46
Trade and other payables$'000	1,031	797	-	-	PDF p. 46
Subtotal$'000	386,407	324,810	-	-	PDF p. 46
Current Liabilities
Trade and other payables$'000	3,208	3,281	78,350	58,138	PDF p. 46
Amounts owing to a shareholder$'000	32,250	52,495	7,337	27,340	PDF p. 46
Current tax liabilities$'000	45	40	5	4	PDF p. 46
Subtotal$'000	35,503	55,816	85,692	85,482	PDF p. 46
Liabilities
Total liabilities$'000	421,910	380,626	85,692	85,482	PDF p. 46
Equity and Liabilities
Total equity and liabilities$'000	703,245	657,676	310,500	308,805	PDF p. 46

Definitions & sources

Original report: PDF p. 46 ↗

The annexed notes form an integral part of and should be read in conjunction with these financial statements.

As at 31 March 2026.

Consolidated statement of profit or loss and other comprehensive income (Group)

15 metrics

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Consolidated statement of profit or loss and other comprehensive income (Group) from Annual Report 2026
Metric / unit	2026Group, $'000	2025Group, $'000	Source
Profit or loss
Revenue$'000	18,805	18,289	PDF p. 45
Other income$'000	8	7	PDF p. 45
Fair value gain from investment properties$'000	2,540	400	PDF p. 45
Loss on disposal of investment property held for sale$'000	-	(50)	PDF p. 45
Staff costs$'000	(1,642)	(1,565)	PDF p. 45
Depreciation expense on plant and equipment$'000	(99)	(42)	PDF p. 45
Other expenses$'000	(508)	(591)	PDF p. 45
Results from operating activities$'000	14,588	11,868	PDF p. 45
Finance income$'000	2,914	3,355	PDF p. 45
Finance costs$'000	(12,654)	(17,054)	PDF p. 45
Net finance costs$'000	(9,740)	(13,699)	PDF p. 45
Profit/(Loss) before tax$'000	4,848	(1,831)	PDF p. 45
Income tax expense$'000	(563)	(597)	PDF p. 45
Total comprehensive income
Profit/(Loss) for the year, representing total comprehensive income/(loss) for the year$'000	4,285	(2,428)	PDF p. 45
Earnings per share
Basic and diluted earnings/(loss) per share (cents)cents	0.27	(0.15)	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

No separate other comprehensive income items; profit/(loss) for the year represents total comprehensive income/(loss) for the year.

The annexed notes form an integral part of and should be read in conjunction with these financial statements.

Statements of changes in equity - Group

5 metrics

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Statements of changes in equity - Group from Annual Report 2026
Metric / unit	2026Group, Share capital, $'000	2026Group, Capital reserve, $'000	2026Group, Accumulated losses, $'000	2026Group, Total equity, $'000	Source
Group
At 1 April 2024$'000	255,318	46,677	(22,517)	279,478	PDF p. 47
Group - year ended 31 March 2025
Total comprehensive loss for the year$'000	-	-	(2,428)	(2,428)	PDF p. 47
Group
At 31 March 2025$'000	255,318	46,677	(24,945)	277,050	PDF p. 47
Group - year ended 31 March 2026
Total comprehensive income for the year$'000	-	-	4,285	4,285	PDF p. 47
Group
At 31 March 2026$'000	255,318	46,677	(20,660)	281,335	PDF p. 47

Definitions & sources

Original report: PDF p. 47 ↗

Rows are balances/movements for the periods named in the row labels (1 April 2024 to 31 March 2026); all columns are Group.

The annexed notes form an integral part of and should be read in conjunction with these financial statements.

Statements of changes in equity - Company

4 metrics

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Statements of changes in equity - Company from Annual Report 2026
Metric / unit	2026Company, Share capital, $'000	2026Company, Capital reserve, $'000	2026Company, Accumulated losses, $'000	2026Company, Total equity, $'000	Source
Company
At 1 April 2024$'000	262,106	(456)	(33,239)	228,411	PDF p. 47
At 31 March 2025$'000	262,106	(456)	(38,327)	223,323	PDF p. 47
Company - year ended 31 March 2026
Total comprehensive income for the year$'000	-	-	1,485	1,485	PDF p. 47
Company
At 31 March 2026$'000	262,106	(456)	(36,842)	224,808	PDF p. 47

Definitions & sources

Original report: PDF p. 47 ↗

Rows are balances/movements for the periods named in the row labels (1 April 2024 to 31 March 2026); all columns are Company.

In the source, the capital reserve cell for 'Total comprehensive loss for the year' (2025) is printed as '-' under the capital reserve column, with the share capital cell blank; share capital cell not inferred.

The annexed notes form an integral part of and should be read in conjunction with these financial statements.

Consolidated statement of cash flows (Group)

26 metrics

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Consolidated statement of cash flows (Group) from Annual Report 2026
Metric / unit	2026Group, $'000	2025Group, $'000	Source
Cash Flows from Operating Activities
Profit/(Loss) for the year$'000	4,285	(2,428)	PDF p. 48
Operating Activities - Adjustments for
Finance income$'000	(2,914)	(3,355)	PDF p. 48
Finance costs$'000	12,654	17,054	PDF p. 48
Depreciation of plant and equipment$'000	99	42	PDF p. 48
Fair value gain from investment properties$'000	(2,540)	(400)	PDF p. 48
Loss on disposal of investment property held for sale$'000	-	50	PDF p. 48
Income tax expense$'000	563	597	PDF p. 48
Cash Flows from Operating Activities
Operating profit before working capital changes$'000	12,147	11,560	PDF p. 48
Changes in trade and other receivables$'000	863	645	PDF p. 48
Changes in trade and other payables$'000	493	96	PDF p. 48
Cash generated from operations$'000	13,503	12,301	PDF p. 48
Income tax paid$'000	(558)	(653)	PDF p. 48
Net cash generated from operating activities$'000	12,945	11,648	PDF p. 48
Cash Flows from Investing Activities
Acquisition of plant and equipment$'000	(362)	(128)	PDF p. 48
Proceeds from disposal of investment property$'000	-	5,989	PDF p. 48
Interest received$'000	2,914	3,402	PDF p. 48
Net cash generated from investing activities$'000	2,552	9,263	PDF p. 48
Cash Flows from Financing Activities
Repayments of amounts owing to a shareholder$'000	(20,245)	(6,205)	PDF p. 48
Changes in debt service reserve$'000	1,475	(3,669)	PDF p. 48
Proceeds from bank borrowings$'000	64,000	-	PDF p. 48
Payments of transaction costs related to bank borrowings$'000	(3,890)	-	PDF p. 48
Interest paid$'000	(11,733)	(16,885)	PDF p. 48
Net cash generated from/(used) in financing activities$'000	29,607	(26,759)	PDF p. 48
Net change in cash
Net increase/(decrease) in cash and cash equivalents$'000	45,104	(5,848)	PDF p. 48
Cash and cash equivalents at beginning of year$'000	82,384	88,232	PDF p. 48
Cash and cash equivalents at end of year$'000	127,488	82,384	PDF p. 48

Definitions & sources

Original report: PDF p. 48 ↗

The annexed notes form an integral part of and should be read in conjunction with these financial statements.

No Company cash flow statement is presented.

Note A: Changes in Group liabilities arising from financing activities

7 metrics

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Note A: Changes in Group liabilities arising from financing activities from Annual Report 2026
Metric / unit	2026Group, Debt service reserve (Note 14), $'000	2026Group, Secured bank loan (Note 17), $'000	2026Group, Interest payable to banks (Note 18), $'000	2026Group, Amounts owing to a shareholder (Note 19), $'000	2026Group, Total, $'000	Source
Note A
At 1 April 2024$'000	(4,421)	323,441	2,022	58,700	379,742	PDF p. 49
Non-cash changes - 2025
Interest expense$'000	-	-	16,482	-	16,482	PDF p. 49
Amortised transaction costs$'000	-	572	-	-	572	PDF p. 49
Note A
At 31 March 2025$'000	(8,090)	324,013	1,619	52,495	370,037	PDF p. 49
Non-cash changes - 2026
Interest expense$'000	-	-	11,401	-	11,401	PDF p. 49
Amortised transaction costs$'000	-	1,253	-	-	1,253	PDF p. 49
Note A
At 31 March 2026$'000	(6,615)	385,376	1,287	32,250	412,298	PDF p. 49

Definitions & sources

Original report: PDF p. 49 ↗

Rows cover movements from 1 April 2024 to 31 March 2026; the unlabelled subtotal rows of cash flows and non-cash changes are not separately labelled in the source.

The annexed notes form an integral part of and should be read in conjunction with these financial statements.

Note 8 Earnings/(Loss) per share - Group

1 metrics

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Note 8 Earnings/(Loss) per share - Group from Annual Report 2026
Metric / unit	2026Group	2025Group	Source
Earnings/(Loss) per share
Earnings/(Loss) attributable to ordinary shareholders of the Company$'000	4,285	(2,428)	PDF p. 70

Definitions & sources

Original report: PDF p. 70 ↗

Diluted earnings/(loss) per share is the same as the basic earnings/(loss) per share as there were no dilutive instruments in issue during the financial year.

Basic and diluted EPS - consolidated statement of profit or loss

1 metrics

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Basic and diluted EPS - consolidated statement of profit or loss from Annual Report 2026
Metric / unit	2026Group	2025Group	Source
Earnings/(Loss) per share
Basic and diluted earnings/(loss) per share (cents)cents	0.27	(0.15)	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

Debt

Borrowings

Terms and debt repayment schedule of secured bank loan

Terms and debt repayment schedule of secured bank loan — Group carrying amount
Item / unit	2026$'000	2025$'000	Source
Terms and debt repayment schedule
Secured bank loan$'000	385,376	324,013	PDF p. 76

Notes

Nominal interest rate per annum: 1.75% above the 1-month or 3-month compounded SORA rate in both 2026 and 2025. Maturity date November 2030.

In FY2026, the Group extended its bank loan of $325.0 million for a further five years and obtained an additional $64.0 million loan with the same five-year tenure for working capital purposes.

Covenants include loan to valuation ratio, interest coverage ratio and requirement to maintain certain tangible net worth.

Borrowing notes 2 tables

Bank borrowings

Bank borrowings — Group
Item / unit	2026$'000	2025$'000	Source
Bank borrowings
Secured bank loan$'000	389,000	325,000	PDF p. 75
Drawdown of secured bank loan$'000	-	-	PDF p. 75
Unamortised transaction costs$'000	(3,624)	(987)	PDF p. 75
Presented as
Non-current$'000	385,376	324,013	PDF p. 75
Current$'000	-	-	PDF p. 75

Notes

The term loan carries interest per annum at 1.75% (2025 - 1.75%) per annum above the 1-month or 3-month compounded Singapore Overnight Rate Average ("SORA") rate.

Secured bank loan is secured over investment properties (Note 11) and guaranteed by the Company and one of the controlling shareholder cum director's close family members. Currency is Singapore dollars ($).

Interest rate profile of interest-bearing instruments

Interest rate profile of interest-bearing instruments — Group
Item / unit	2026$'000	2025$'000	Source
Variable rate instruments
Secured bank loan (Note 17)$'000	(389,000)	(325,000)	PDF p. 81

Notes

Variable rate bank borrowings of $385,376,000 (2025 - $324,013,000).

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Dividend policy	The Company does not have a formal dividend policy. The form, frequency and amount of dividends declared each year will take into consideration the earnings, general ﬁnancial condition, results of operations, capital requirements, cash ﬂow, general business conditions and other factors as the Board may deem appropriate.	Company, FY ended 31 March 2026	PDF p. 32

Dividends declared and proposed

Item	Value	Period / scope	Source
Dividend in respect of FY ended 31 March 2026	no dividend was declared in respect of the ﬁnancial year ended 31 March 2026	FY2026 (year ended 31 March 2026); no interim, final or special dividend	PDF p. 32

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
Foo Kon Tan LLP	Foo Kon Tan LLP	Group and Company	PDF p. 44
engagement partner	Chan Ser	Group and Company	PDF p. 44
Opinion	properly drawn up in accordance with the provisions of the Companies Act 1967	Group and Company	PDF p. 41

Key audit matters

Item	Value	Period / scope	Source
Valuation of investment properties	Valuation of investment properties (Refer to Note 11 to the financial statements)	Group	PDF p. 41
Valuation of investment properties	Investment properties represent the most significant asset item on the consolidated statement of financial position of the Group.	Group	PDF p. 41

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.