Mary Chia’s FY2026 Audited Loss Widened by S$289,000: What It Means for Dividends

Mary Chia Holdings (SGX: 5OX) reported a larger FY2026 loss after completing its audit. In a filing dated 11 September 2026, the company revised its loss for the year ended 31 March 2026 from S$2.348 million in its earlier unaudited results to S$2.637 million. That S$289,000 change matters to dividend investors because the revised accounts also show a deeper equity deficit and continued cash use. [S2, p. 1] [S2, p. 2] [S2, p. 4]

What changed in the audited figures

The group recorded an additional S$669,000 impairment loss on trade receivables. An impairment recognises that some amounts owed to the business may not be collected in full. Other changes included adjustments to operating expenses and a reclassification between purchases and inventory movements, so the difference in individual expense lines should not all be read as fresh spending. [S2, p. 1]

The audited balance sheet shows total equity of negative S$11.816 million, compared with negative S$8.697 million previously reported. Equity attributable to Mary Chia’s owners was negative S$12.872 million. The company says a major reason for the equity change was reversing a S$2.830 million waiver of intercompany balances that had previously been credited to capital reserve but is eliminated when the group accounts are consolidated. The larger loss also contributed. This is a correction to the accounting presentation, rather than evidence that S$2.830 million of cash left the business. [S2, p. 2]

Cash and obligations remain the dividend constraint

The audited cash-flow statement records S$2.970 million of net cash used in operating activities for FY2026, versus S$2.887 million in the unaudited version. Net financing cash inflow was S$2.088 million. That distinction matters: money raised through financing is not cash generated by the underlying operations. Year-end cash and cash equivalents were S$227,000 after deducting S$85,000 of restricted cash. [S2, p. 4]

Current trade and other payables were revised to S$8.414 million from S$4.954 million. Part of that large movement reflects advances from directors and related companies being moved out of borrowings and into payables; the filing also identifies previously under-recorded payables, mainly accrued staff costs. The revised classification should therefore not be mistaken for an entirely new S$3.460 million cash obligation arising on the announcement date. Current liabilities nevertheless stood at S$16.131 million against current assets of S$3.550 million at 31 March 2026. [S2, p. 2] [S2, p. 3]

Read the June quarter with care

Mary Chia’s 14 August 2026 results for the quarter ended 30 June 2026 were issued before the FY2026 audit was finished. They explicitly label the 31 March 2026 balance-sheet comparatives as unaudited. Readers should therefore use the 11 September audited FY2026 figures for the March year-end, rather than carrying forward the older March numbers shown in that quarterly report. The June quarter’s own figures were also unaudited and had not been reviewed by the auditor. [S4, p. 4] [S4, p. 8] [S4, p. 17]

The board declared or recommended no dividend for that June quarter, saying it wanted to conserve cash for operational and financial needs. The quarterly statement also reported a S$433,000 loss, although operating cash flow was positive S$156,000, helped by collections from receivables. One quarter of improved cash flow does not erase the audited full-year cash outflow. [S4, p. 3] [S4, p. 7] [S4, p. 22] [S4, p. 24]

What to watch

The audited correction leaves a clear answer for income-focused shareholders: these filings provide no basis to expect an imminent payout. The next useful evidence is whether Mary Chia can sustain cash generation from operations while reducing its liquidity pressure. Its controlling shareholder has undertaken to provide financial support for at least 12 months from the August financial statements, which supports the board’s going-concern assessment but is distinct from a dividend funded by the business. [S2, p. 2] [S2, p. 4] [S4, p. 20] [S4, p. 24]