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Condensed interim financial statements For the six months and full year ended 30 June 2024

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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 from S$3.21 million for the financial year ended 30 June 2023 ("FY2023") to S$4.75 million for the financial year ended 30 June 2024 ("FY2024"). The increase in revenue was 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 has decreased from 26% to 21 % due to lower gross profit margin from the manufacturing and trading businesses and the natural gas vehicle business.

Loss for the Year

The Group had a loss of S$0.73 million for FY2024 as compared to a loss of S$0.81 million for FY2023. This was mainly due to higher revenue and gross profit generated from natural gas vehicle business for FY2024, partially offset by an increase in administrative expenses due to waiver of director's remuneration in FY2023.

Balance Sheet

Non-current assets

The Group's non-current assets decreased from S$0.41 million as at 30 June 2023 to S$0.39 million as at 30 June 2024. The decrease was mainly due to depreciation of plant and equipment partially offset by the fair value adjustment for investment properties.

Current assets

The Group's current assets increased from S$2.65 million as at 30 June 2023 to S$3.24 million as at 30 June 2024. The increase was mainly due to increase in the development properties and trade and other receivables.

Current liabilities

The Group's current liabilities increased from S$1.26 million as at 30 June 2023 to S$2.25 million as at 30 June 2024. The increase was mainly due to trade and other payables.

Non-current liabilities

The Group's non-current liabilities had decreased by S$0.04 million as at 30 June 2024, as compared to 30 June 2023. The decrease was mainly due to repayment of finance lease.

Cash Flow Statement

The Group's cash and cash equivalents as at 30 June 2024 increased by S$0.12 million to S$0.40 million as compared to the balance of S$0.28 million as at 30 June 2023. The increase was mainly due to net cash generated from operating activities partially offset by net cash used in investing 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 to be focused on operational efficiency, cost control, cash conservation and ensuring sustainability of its existing businesses.