Financial Statements

Condensed interim financial statements For the six months ended 31 December 2025

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Condensed interim consolidated statement of profit or loss and other comprehensive income

	Group
	6 months ended
	31 December 2025 S$'000	31 December 2024 S$'000	Increase/ (Decrease) %
Revenue	89,721	78,781	14
Cost of sales	(51,219)	(48,433)	6
Gross profit	38,502	30,348	27
Other income	922	2,681	(66)
Impairment (loss)/written back on financial assets - net	(1,024)	353	NM
Other gains - net	858	3,468	(75)
Expenses
- Administrative	(766)	(866)	(12)
- Other operating	(19,429)	(18,912)	3
- Finance	(1,886)	(2,072)	(9)
Share of results of associated companies	98	262	(63)
Profit before income tax	17,275	15,262	13
Income tax expense	(3,628)	(3,205)	13
Total profit	13,647	12,057	13
Other comprehensive (loss)/income:
Items that may be subsequently reclassified to profit or loss:
Currency translation differences arising from consolidation	35	461	(92)
Reclassification of translation reserve upon disposal of a subsidiary	(87)	-	NM
Total other comprehensive (loss)/income	(52)	461	NM
Total comprehensive income	13,595	12,518	9
Profit attributable to:
Equity holders of the Company	13,647	12,057	13
Non-controlling interest	-	-	NM
	13,647	12,057	13
Total comprehensive income attributable to:
Equity holders of the Company	13,595	12,518	9
Non-controlling interest	-	-	NM
	13,595	12,518	9
Earnings per share attributable to equity holders of the Company
- Basic and diluted (SGD in cent)	5.89 cents	5.20 cents	13
NM: - Not meaningful

Condensed interim statements of financial position

	Group
	As at 31 December 2025 S$'000	As at 30 June 2025 S$'000
ASSETS
Current assets
Cash and bank deposits	80,870	64,514
Financial assets, at fair value through profit or loss	425	315
Trade and other receivables	57,602	58,964
Tax recoverable	270	189
Inventories	2,822	2,447
Other assets	4,181	3,646
	146,170	130,075
Non-current assets
Other assets	888	-
Other receivables	-	-
Investments in associated companies	3,157	3,030
Investments in subsidiaries	-	-
Property, plant and equipment	394,965	387,393
Right-of-use assets	11,262	11,697
Deferred income tax assets	123	127
	410,395	402,247
Total assets	556,565	532,322

LIABILITIES
Current liabilities
Trade and other payables	59,141	59,413
Current income tax liabilities	5,929	6,578
Borrowings	23,924	21,629
	88,994	87,620
Non-current liabilities
Trade and other payables	12,271	5,060
Borrowings	95,133	90,153
Provisions	1,050	1,050
Deferred income tax liabilities	27,270	26,130
	135,724	122,393
Total liabilities	224,718	210,013
NET ASSETS	331,847	322,309

EQUITY
Capital and reserves attributable to the equity
holders of the Company
Share capital	87,340	87,340
Treasury shares	(192)	(192)
Other reserves	(6,890)	(5,486)
Retained earnings	251,574	240,632
	331,832	322,294
Non-controlling interest	15	15
Total equity	331,847	322,309

Review on Group's Financial Results

6 Months ended 31 December 2025 (1HFY2026) vs 6 Months ended 31 December 2024 (1HFY2025)

Revenue	1HFY2026 S$'000	1HFY2025 S$'000	Increase/ (Decrease) %
Heavy Lift and Haulage
- External	88,137	76,899	15%
- Inter-segment	144	173	(17%)
	88,281	77,072	15%
Marine Transportation
- External	1,455	932	56%
- Inter-segment	879	1,639	(46%)
	2,334	2,571	(9%)
Trading
- External	129	950	(86%)

Less: Inter-segment	(1,023)	(1,812)	(44%)
	89,721	78,781	14%

Revenue was $89.7 million in 1HFY2026, an increase of $10.9 million or 14% from $78.8 million in 1HFY2025. The increase was mainly attributable to the increase in contributions from Heavy Lift and Haulage as well as Marine Transportation segments.

Heavy Lift and Haulage segment external revenue increased by $11.2 million or 15% from $76.9 million in 1HFY2025 to $88.1 million in 1HFY2026, mainly due to higher revenue derived from Singapore, Thailand and Brunei partially offset by lower revenue derived from Malaysia and Indonesia.

Marine Transportation segment external revenue increased by $0.5 million or 56% from $0.9 million in 1HFY2025 to $1.5 million in 1HFY2026, mainly due to more chartering jobs.

Trading segment external revenue decreased by $0.8 million or 86% from $1.0 million in 1HFY2025 to $0.1 million in 1HFY2026, mainly due to fewer trading equipment sold.

Gross profit was $38.5 million in 1HFY2026, an increase of $8.2 million or 27% from $30.3 million in 1HFY2025, mainly due to higher revenue from Heavy Lift and Haulage segment.

Gross profit margin was higher at 43% in 1HFY2026 as compared to 39% in 1HFY2025, mainly due to higher margins earned by Heavy Lift and Haulage as well as Marine Transportation segments.

Other income was $0.9 million in 1HFY2026, a decrease of $1.8 million or 66% from $2.7 million in 1HFY2025, mainly due to lower miscellaneous gains of $0.8 million, interest income of $0.6 million, and insurance claims received of $0.4 million.

Impairment (loss)/written back on financial assets - net was a loss of $1.0 million in 1HFY2026 as compared to a write back of $0.4 million in 1HFY2025, mainly due to a decrease of $0.9 million in recovery of previously impaired trade receivables and an increase of $0.5 million in impairment loss on trade receivables in 1HFY2026.

Other gains - net was $0.9 million in 1HFY2026, a decrease of $2.6 million or 75% from $3.5 million in 1HFY2025. This was attributable to gain on disposal of property, plant and equipment as well as assets held-for-sale of $1.0 million, fair value gains on financial assets, at FVPL of $0.1 million and gain on reclassification of translation reserve upon disposal of a subsidiary of $0.1 million partially offset by currency exchange loss of $0.3 million in 1HFY2026, as compared to gain on disposal of property, plant and equipment of $1.8 million and currency exchange gain of $1.6 million in 1HFY2025.

Administrative expenses were $0.8 million in 1HFY2026, a decrease of $0.1 million or 12% from $0.9 million in 1HFY2025, mainly due to lower professional fees.

Share of profit of associated companies were $0.1 million in 1HFY2026, a decrease of $0.2 million or 63% from $0.3 million in 1HFY2025, mainly due to lower share of ASB Maritime Resources (L) Ltd and Asian Supply Base Maritime Resources Sdn Bhd profits.

Income tax expense was $3.6 million in 1HFY2026, an increase of $0.4 million or 13% from $3.2 million in 1HFY2025, mainly due to higher tax provision made for current financial period profit.

Profit Before Income Tax	1HFY2026 S$'000	1HFY2025 S$'000	Increase/ (Decrease) %
Heavy Lift and Haulage	16,390	14,145	16%
Marine Transportation	876	947	(7%)
Trading	9	170	(95%)
	17,275	15,262	13%

Profit before income tax was $17.3 million in 1HFY2026, an increase of $2.0 million or 13% from $15.3 million in 1HFY2025.

Heavy Lift and Haulage segment profit before income tax was $16.4 million in 1HFY2026, an increase of $2.2 million or 16% from $14.1 million in 1HFY2025. This was mainly due to higher revenue partially offset by higher cost of sales (relating to direct manpower, depreciation, external equipment rental, sub-contractor charges and other costs), lower other gains - net and other income as well as higher impairment loss on financial assets - net in 1HFY2026.

Marine Transportation segment profit before income tax was stable at $0.9 million for both 1HFY2026 and 1HFY2025.

Trading segment profit before income tax was $0.009 million in 1HFY2026, a decrease of $0.2 million from $0.2 million in 1HFY2025, mainly due to lower revenue in 1HFY2026.

Review on Statements of Financial Position and Cash Flows

Cash and cash equivalents per consolidated statement of cash flows increased by $16.3 million (including effects of translation) from $62.6 million as at 30 June 2025 to $79.0 million as at 31 December 2025 mainly due to net cash inflows from operating activities of $29.2 million. This was offset by net cash outflow from financing activities and investing activities of $11.8 million and $1.2 million respectively. Net cash outflow from financing activities of $11.8 million resulted mainly from repayment of bank borrowings and other secured borrowings of $11.9 million, dividends paid to equity holders of the Company of $4.1 million and payment of interest $1.9 million partially offset by proceeds from bank borrowings and other secured borrowings of $6.4 million.

Financial assets, at FVPL increased by $0.1 million from $0.3 million as at 30 June 2025 to $0.4 million as at 31 December 2025, mainly due to increase in fair value.

Inventories increased by $0.4 million from $2.4 million as at 30 June 2025 to $2.8 million as at 31 December 2025, mainly due to increase in purchases of spare parts.

Other assets (current and non-current) increased by $1.4 million from $3.6 million as at 30 June 2025 to $5.1 million as at 31 December 2025, mainly due to increase in deposits paid to suppliers and prepayments for insurance premium.

Property, plant and equipment increased by $7.6 million from $387.4 million as at 30 June 2025 to $395.0 million as at 31 December 2025, mainly due to additions of $26.8 million and exchange differences of $0.6 million partially offset by depreciation charge of $17.7 million and disposals of $2.1 million.

Total trade and other payables (current and non-current) increased by $6.9 million from $64.5 million as at 30 June 2025 to $71.4 million as at 31 December 2025, mainly due to increase in purchases of equipment with longer credit terms.

Borrowings (current and non-current) increased by $7.3 million from $111.8 million as at 30 June 2025 to $119.1 million as at 31 December 2025, mainly due to increase in other secured borrowings of $6.9 million and bank borrowings of $0.7 million partially offset by decrease in lease liabilities of $0.3 million.

Commentary On Current Year Prospects

Notwithstanding ongoing geopolitical and trade uncertainties, intensifying competition, and a high-cost business environment, the Group maintains its positive outlook, in the near term and the mid-term, as customer demand for Heavy Lift and Haulage solutions is expected to remain resilient in Singapore and key regional markets such as India, Saudi Arabia and Thailand. Demand is supported by sustained investments across the construction, petrochemical, semiconductor, infrastructure, logistics and heavy transport sectors, as well as emerging growth in the biopharmaceutical and data centre sectors, driven by capital expansion and technological advancements in the region.

The Group will remain vigilant in managing cash flow, operating costs, and potential business risks within the dynamic and uncertain operating environment.

We will continue to actively pursue opportunities arising from investments across these established and emerging growth sectors, leveraging our position as a prominent one-stop integrated heavy lift specialist and service provider in the region.

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