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Condensed Interim Financial Statements For The Six Months Ended 30 September 2025

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Condensed Interim Consolidated Income Statements For the six months ended 30 September 2025

Condensed Interim Consolidated Statements of Comprehensive Income For the six months ended 30 September 2025

Condensed Interim Balance Sheets As at 30 September 2025

Review Of Performance

Condensed interim consolidated income statements

For the six months ended 30 September 2025, the Group have generated a profit before tax of S$22.6 million.

Hotel owning and management

• The higher revenue and operating profit for the six months ended 30 September 2025 was mainly due to higher room rates in our hotels driven by increased market demand.
• The operation cost was impacted by increased property taxes, reservation expenses and other direct cost.
• The other net gains in prior year mainly due to insurance compensation and gain from remeasure of right-of-use asset and lease liability.

Property development

• During the six months ended 30 September 2025 and same period in 2024, 1 unit in Macquarie Park Village were sold respectively. The lower revenue and profit from operations were attributable to a smaller inventory units in size sold as compared to the prior period.

Property investment

• The higher revenue and operating profit for the six months ended 30 September 2025 was mainly due to appreciation of the Sterling pound against the Singapore dollar.
• Fair value gain of $5.5 million in 1H2025 was mainly attributable to the revaluation of commercial building in London, the United Kingdom.

Others

• The lower profit before tax for the first six months ended 30 September 2025 was mainly due to the decrease in interest income earned during the period.

Condensed interim consolidated balance sheets

Fair value gain on investment property in London, the United Kingdom, for the first six months ended 30 September 2025 was recorded based on the valuation report.

Condensed interim consolidated statements of cash flows

The Group recorded a decrease in cash and cash equivalents of S$342.4 million in the six months ended 30 September 2025, mainly due to:

• cash used in investing activities of S$344 million, mainly due to placement of time deposits, offset with:
• cash generated from operating activities of S$11.2 million
• lower repayment to loan from non-controlling interest during this period.

Commentary

• International and domestic travel activity remains stable. However, operating costs and staffing challenges continue to be more pronounced than in other markets. With the decommissioning of Sir Stamford at Circular Quay hotel, the in-house design team is now focused on ongoing upgrade works across Stamford Grand Adelaide, Stamford Plaza Melbourne, and Stamford Plaza Adelaide hotels. To date, approximately S$147.1 million (31 March 2025: S$146.0 million) of the rights issue proceeds have been utilised.
• The Group’s commercial property in London remains fully tenanted, reflecting a stable leasing environment. The City’s Grade A office market continues to demonstrate resilience, supported by a flight to quality and a scarcity of new supply following years of subdued investment activity post-Brexit. Nonetheless, the broader macro-economic environment remains challenging.
• At present, there are no compelling acquisition opportunities offering adequate yields to justify investment risks, and large-scale transactions remain scarce in both the core City and West End commercial segments. The Group’s substantial cash reserves, accumulated from past profits and strategic asset disposals, continue to generate returns while positioning the Group to capitalise on suitable opportunities through its proven record of disciplined and timely investments.