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Condensed Interim Financial Statements For The Six Months Ended 30 September 2024

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Condensed Interim Consolidated Income Statements For the six months ended 30 September 2024

Condensed Interim Consolidated Statements of Comprehensive Income For the six months ended 30 September 2024

Condensed Interim Balance Sheets As at 30 September 2024

Review Of Performance

Condensed interim consolidated income statements

For the six months ended 30 September 2024, the Group have generated a profit before tax of S$19.2 million.

Hotel owning and management

• The lower revenue and operating profit for the six months ended 30 September 2024 was mainly due to lower room rates in our hotels driven by market competitive pricing.
• The operation cost was also impacted by increased property taxes, staff cost, energy costs and other direct cost, as well as appreciation of Australian dollar against Singapore dollar.

Property development

• During the six months ended 30 September 2024, 1 unit in Macquarie Park Village were sold, compared to 3 units during the six months ended 30 September 2023.

Property investment

• The higher revenue and operating profit for the six months ended 30 September 2024 was mainly due to appreciation of the Sterling pound against the Singapore dollar.

Others

• The lower operating profit for the first six months ended 30 September 2024 was mainly due general increase in staff cost and accrual of the contractual profit-sharing incentives due to the Executive Directors in current year, compared to a reversal in the prior year of $5 million wavier of profit-sharing incentives.

Condensed interim consolidated balance sheets

• Fair value of our investment properties has remained stable.
• The government has reduced the land value which was the basis used to determine the amount of land lease payments for a hotel property. This has resulted the Group to remeasure the right-of-use assets and lease liability based on the reduced land lease.

Condensed interim consolidated statements of cash flows

The Group recorded an increase in cash and cash equivalents of S$7.5 million in the six months ended 30 September 2024, mainly due to:

• cash inflows from operating activities,
• higher interest income earned; and
• partially off-set by the repayment of loan to non-controlling interest and dividend paid.

Commentary

• The hotels continue to face competition, coupled with rising operating and manpower costs, and a tight labour market.
• The commercial tenancy situation for the Group’s property in London remains stable and fully tenanted.
• Currently there is no compelling acquisition with appropriate yield to justify the risk on investment. In the meantime, surplus cash is placed only in reputable banks, to tap on when opportunities arise.
• The Group is working on certain development and restoration works to the heritage building in Stamford Plaza Brisbane, as required by the State Government of Queensland.
• The Company raised net proceeds amounting to S$238.9million from the Rights Issue in February 2022. As at 30 September 2024, S$145.5million (31 March 2024: S$143.6million) has been utilised, and the Company has earmarked a further S$2.7 million for the restoration of Stamford Plaza Brisbane’s heritage building.