Financial Statements And Related Announcement - Full Yearly Results

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Condensed Interim Financial Statements for 6 Months and Full Year Ended 30 April 2025

Condensed interim consolidated income statement

Condensed interim consolidated statement of comprehensive income

Condensed interim statements of financial position

Review of Performance

FY25

Revenue

The Group's revenue was 1.6% higher at S$187.7 million in FY25 compared to S$184.8 million in FY24, primarily due to higher sales in the North Asia and South East Asia markets.

Gross Profit and Gross Profit Margin

Gross profit decreased by S$2.9 million to S$45.8 million in FY25 compared to S$48.7 million in FY24. The decrease was mainly due to lower gross profit margin.

Gross profit margin was lower at 24.4% in FY25 compared to 26.3% in FY24. This was mainly due to higher cost of tyres.

Operating Expenses

Excluding the one-off gain from the disposal of property, plant and equipment amounting to S$1.9 million in last year FY24, total operating expenses increased by 3.8% to S$51.0 million in FY25 compared to S$49.1 million in FY24. The increase was mainly due to higher other operating expenses, depreciation of property, plant and equipment and right-of-use assets, as well as higher lease expenses; offset by lower staff cost, marketing and distribution cost and utilities, repair and maintenance cost.

Share of Results of Joint Ventures

In FY25, the share of results of joint ventures amounted to a net profit of S$0.9 million compared to S$0.8 million in FY24.

Net Profit

The net profit of the Group was S$0.9 million in FY25, compared to S$6.0 million recorded in FY24.

Financial Position

Property, plant and equipment increased to S$47.0 million as at 30 April 2025 from S$45.9 million as at 30 April 2024 mainly due to acquisition of new properties in Indonesia.

Receivables increased to S$33.7 million as at 30 April 2025 from S$30.4 million as at 30 April 2024.

Inventories increased to S$81.2 million as at 30 April 2025 from S$68.5 million as at 30 April 2024.

Trade payables and trust receipts increased to S$56.4 million as at 30 April 2025 from S$45.5 million as at 30 April 2024.

As at 30 April 2025, the Group's cash and cash equivalents stood at S$27.7 million compared to S$32.5 million as at 30 April 2024.

The Group's borrowings which comprise trust receipts, revolving credit, hire-purchase liabilities, short-term secured loans as well as long-term secured loans stood at S$71.8 million as at 30 April 2025 compared to S$60.4 million as at 30 April 2024. The increase in borrowings was mainly for inventory funding during the year.

Commentary

The operating environment in the tyre business remains challenging as a result of intense competition and major geo-political and macroeconomic events globally.

To mitigate the impact of this challenging environment, the Group will continue to optimize its product mix, manage operating costs and build on its core markets in South East Asia.