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Condensed interim financial statements For the six months ended 31 December 2023

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Condensed Interim Consolidated Statement Of Comprehensive Income

Condensed Interim Balance Sheet

Review of Performance

Statement Of Comprehensive Income

Revenue

The Group's revenue increased to S$2.07 million for the six months ended 31 December 2023 ("1H FY2024") as compared to S$1.65 million for the six months ended 31 December 2022 ("1H FY2023"). The increase in revenue was mainly due to higher revenue generated from natural gas vehicle business partially offset by the lower revenue generated from manufacturing and trading business.

Gross Profit Margin

The Group's gross profit margin decreased from 26% to 22%, mainly due to manufacturing and trading business contributing a lower gross profit margin to the Group.

Loss for the Period

The Group had a loss of S$0.27 million for 1H FY2024 as compared to a loss of S$0.32 million for 1H FY2023 due to other operating income arising from gain on subsidiaries struck off and foreign exchange gain, partially offset by an increase in administrative expenses due to waiver of director's remuneration in 1H FY2023. Details of other operating income/(expenses) are on Page 1 of the announcement.

Balance Sheet

Non-current assets

The Group's non-current assets decreased from S$0.41 million as at 30 June 2023 to S$0.40 million as at 31 December 2023. The decrease was mainly due to depreciation of plant and equipment and lower value of investment properties due to depreciation of MYR against SGD.

Current assets

The Group's current assets increased from S$2.65 million as at 30 June 2023 to S$2.88 million as at 31 December 2023. The increase was mainly due to development properties and cash and bank balances.

Current liabilities

The Group's current liabilities increased from S$1.26 million as at 30 June 2023 to S$1.48 million as at 31 December 2023. The increase was mainly due to trade and other payables partially offset by a decrease in accrued expenses.

Non-current liabilities

The Group's non-current liabilities had decreased from S$.013 million as at 30 June 2023 to S$0.11 million as at 31 December 2023. The decrease was mainly due to repayment of lease liability.

Cash Flow Statement

The Group's cash and cash equivalents as at 31 December 2023 decreased by S$0.13 million to S$0.60 million as compared to the balance of S$0.73 million as at 31 December 2022. The decrease was mainly due to lower cash and cash equivalent at beginning of the period, partially offset by net cash generated from operating activities and financing activities.

Commentary

Management expects the operating business environment in the next 12 months to remain challenging due to global economic uncertainties.

Despite the challenging market condition in which the businesses operate, the Group continues its focus on operational efficiency, cost control, cash conservation and ensuring sustainability of its existing businesses.