Revenue Performance - The group's revenue decreased from approximately SGD 121.0 million in FY2021 to approximately SGD 111.8 million in FY2022, a decline of about SGD 9.2 million (or 7.6%), primarily due to a decrease in facility management revenue, partially offset by an increase in space optimization revenue[1]. - Revenue from industrial properties increased from approximately SGD 17.7 million in FY2021 to approximately SGD 18.9 million in FY2022, an increase of about SGD 1.2 million (or 6.9%), mainly due to contributions from newly acquired properties[2]. - Revenue from commercial properties decreased from approximately SGD 7.7 million in FY2021 to approximately SGD 7.5 million in FY2022, a decline of about SGD 0.2 million (or 2.3%), primarily due to the expiration of three major leases[4]. - Revenue from residential properties increased from approximately SGD 13.0 million in FY2021 to approximately SGD 16.2 million in FY2022, an increase of about SGD 3.2 million (or 24.3%), mainly driven by growth in co-living business in Singapore[5]. - Facility management revenue decreased from approximately SGD 55.4 million in FY2021 to approximately SGD 41.9 million in FY2022, a decline of about SGD 13.5 million (or 24.4%), primarily due to reduced revenue from dormitory management services[6]. - The logistics business generated stable revenue of SGD 27.3 million, with a slight increase of SGD 0.1 million compared to the previous fiscal year[108]. Profitability - Gross profit decreased from approximately SGD 66.5 million in FY2021 to approximately SGD 59.0 million in FY2022, a decline of about SGD 7.5 million, mainly due to reduced revenue from facility management services[9]. - The group's profit before tax increased from approximately SGD 34.2 million in FY2021 to approximately SGD 53.0 million in FY2022, an increase of about SGD 18.8 million (or 54.7%)[20]. - Net profit increased from approximately SGD 28.9 million in FY2021 to approximately SGD 47.5 million in FY2022, an increase of about SGD 18.6 million (or 64.6%)[22]. - Profit attributable to equity holders for fiscal year 2022 was SGD 45,838,000, representing a 63.5% increase from SGD 28,063,000 in fiscal year 2021[158]. Assets and Liabilities - Non-current assets increased from approximately SGD 286.3 million to about SGD 368.7 million, an increase of approximately SGD 82.5 million[23]. - Current liabilities increased from approximately SGD 89.7 million to about SGD 90.7 million, an increase of approximately SGD 1.0 million[25]. - The group’s non-current liabilities increased from approximately SGD 148.8 million to about SGD 186.0 million, an increase of approximately SGD 37.2 million[25]. - Cash and cash equivalents increased by approximately SGD 2.9 million to about SGD 39.7 million[27]. - Bank borrowings increased by approximately SGD 39.0 million, primarily used for property acquisitions and renovation costs[25]. - The group’s outstanding bank borrowings as of September 30, 2022, amounted to SGD 148.2 million[28]. Employee and Governance - The number of employees increased to 615 as of September 30, 2022, up from 567 on September 30, 2021[48]. - The company has a strong commitment to corporate governance and ethical business practices, aligning sustainability goals with overall strategic direction[59]. - The company received the Best Investor Relations Gold Award (Small Cap Category) in 2022, recognizing its commitment to good corporate governance and transparency[110]. Sustainability Initiatives - The company has installed solar panels at over 10 locations, generating more than 2,500 peak kilowatts of renewable energy as part of its sustainability strategy[60]. - The company has implemented energy-efficient measures, including the use of energy-saving bulbs and water-saving devices, to reduce its carbon footprint[60]. - The company aims to achieve net-zero emissions as a critical part of its sustainable strategy[60]. - The company is committed to achieving net-zero emissions through three key environmental measures: responsible consumption, a low-carbon future, and creating sustainable communities[110]. - The company continues to expand its internal renewable energy systems, including solar panels and electric vehicle charging systems[145]. Market and Expansion - The company is focusing on expanding its co-living business and has signed several new leases expected to generate revenue in fiscal year 2023[162]. - The company expects increased demand for serviced apartments in Asia as the global travel market continues to recover in 2023[103]. - The company plans to expand its container yard services in Singapore, Malaysia, and the ASEAN region, with a new facility at 7 Gul Avenue expected to be completed in Q3 FY2023[1]. - The company aims to establish a comprehensive business network across ASEAN to support customers and achieve sustainable growth[81]. Operational Performance - The occupancy rate for the company's properties in Singapore was reported at 95%[86]. - The occupancy rate for the Coliwoo co-living spaces reached 98% as of September 30, 2022, benefiting from increased demand for housing rentals in Singapore[103]. - The Work+Store division achieved a high occupancy rate of 95% and introduced new services including last-mile logistics and inventory management[104]. - The commercial division's occupancy rate also reached 98% due to a surge in demand for commercial space following the easing of COVID-19 restrictions[106].

Financial Performance - The company reported revenue of SGD 59.181 million for the six months ended March 31, 2022, a decrease of 8.0% compared to SGD 64.478 million for the same period in 2021[13]. - Gross profit for the same period was SGD 31.219 million, down from SGD 35.183 million, reflecting a decline of 11.0%[13]. - The net profit attributable to equity holders was SGD 32.196 million, representing a significant increase of 117.0% compared to SGD 14.809 million in the previous year[13]. - The total comprehensive income for the period was SGD 33.780 million, compared to SGD 15.263 million in the prior year, marking an increase of 121.0%[13]. - Revenue for the six months ended March 31, 2022, was SGD 70,537 thousand, a decrease of 6.4% compared to SGD 74,938 thousand for the same period in 2021[37]. - Gross profit for the six months ended March 31, 2022, was SGD 28,272 thousand, down from SGD 32,510 thousand in the previous year, reflecting a decline of 13.1%[37]. - The company reported a net profit of SGD 13,567 thousand for the six months ended March 31, 2022, compared to a loss of SGD 690 thousand in the same period of 2021[37]. - The adjusted EBITDA for the six months ended March 31, 2022, was SGD 32,508 thousand, an increase of 82.0% from SGD 17,874 thousand in the previous year[39]. - Total other income for the six months ended March 31, 2022, was SGD 9,981,000, an increase of 67% from SGD 5,963,000 in 2021[80]. - The share of profits from associates and joint ventures increased from approximately SGD 0.9 million in the first half of 2021 to approximately SGD 9.4 million in the first half of 2022, primarily due to a fair value gain of approximately SGD 8.3 million from investment properties in 2022[136]. - The group's profit before tax increased by approximately SGD 17.6 million (or 96.4%) from approximately SGD 18.3 million in the first half of 2021 to approximately SGD 35.9 million in the first half of 2022[138]. - The group's net profit increased by approximately SGD 18.6 million (or 121.8%) from approximately SGD 15.3 million in the first half of 2021 to approximately SGD 33.9 million in the first half of 2022[140]. Assets and Liabilities - The company's total assets as of March 31, 2022, were SGD 443.045 million, up from SGD 386.808 million as of September 30, 2021, indicating a growth of 14.6%[14]. - Non-current assets increased to SGD 197.096 million from SGD 166.570 million, reflecting a rise of 18.3%[14]. - Current assets rose to SGD 338.103 million, compared to SGD 286.269 million, an increase of 18.1%[14]. - The company's total equity increased to SGD 178.002 million from SGD 148.283 million, representing a growth of 19.9%[14]. - The total assets reported as of March 31, 2022, were SGD 388,240,000, an increase of 14.8% from SGD 337,895,000 as of September 30, 2021[77]. - The total liabilities reported as of March 31, 2022, were SGD 256,814,000, an increase of 11.7% from SGD 229,877,000 as of September 30, 2021[77]. - The company's total liabilities increased from 89,822 thousand Singapore dollars as of September 30, 2021, to 115,390 thousand Singapore dollars as of March 31, 2022, marking an increase of approximately 28.5%[96]. - The company's total trade and other receivables as of March 31, 2022, was SGD 36,734,000, an increase from SGD 33,839,000 as of September 30, 2021[90]. Cash Flow - Cash flow from operating activities for the six months ended March 31, 2022, was SGD 19,558 thousand, down from SGD 24,820 thousand in the previous year[17]. - Cash and cash equivalents at the end of the period increased to SGD 37,848 thousand from SGD 36,362 thousand in the previous year[17]. - The company reported a net cash outflow from investing activities of SGD 23,709 thousand, compared to SGD 13,640 thousand in the previous year[17]. - The company’s cash flow from financing activities resulted in a net cash inflow of SGD 5,210 thousand, compared to a net cash outflow of SGD 13,925 thousand in the previous year[17]. - Cash generated from operating activities was approximately SGD 19.6 million in the first half of 2022, with adjustments for changes in working capital[157]. - Cash used in investing activities was approximately SGD 23.7 million, mainly for the acquisition of properties and equipment[157]. - Cash generated from financing activities was approximately SGD 5.2 million, primarily from bank borrowings for the purchase of properties and operational funding[158]. - As of March 31, 2022, cash and cash equivalents increased by approximately SGD 1.1 million to about SGD 37.8 million[159]. Investments and Acquisitions - The company completed the acquisition of two joint venture properties, including industrial and co-living residential properties, during the first half of 2022[110]. - The company acquired a property at 298 River Valley Road for SGD 8.5 million, completed on April 29, 2022[109]. - Investment properties increased by approximately SGD 30.5 million, primarily due to the acquisition of a property at 55 Tuas South Avenue 1 for approximately SGD 23.8 million[142]. - The company’s capital expenditures for the six months ended March 31, 2022, included SGD 33,150,000 for investment properties[60]. - The company’s capital commitments for investment properties, plant, and equipment amounted to 28,146 thousand Singapore dollars as of March 31, 2022, compared to 2,889 thousand Singapore dollars as of September 30, 2021[97]. Market and Operational Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[12]. - The company plans to expand its market presence in Southeast Asia, focusing on logistics and facility management sectors[74]. - The company is actively pursuing new technology developments to enhance service efficiency and customer satisfaction[74]. - The company plans to launch four new Coliwoo properties, adding 135 rooms to the existing portfolio of 925 rooms in the second half of the fiscal year ending September 30, 2022[116]. - The company plans to expand its market share in the parking business through the provision of smart parking solutions[117]. Corporate Governance - The company has established an audit committee to review and supervise its financial reporting procedures and internal controls[198]. - The audit committee consists of three independent non-executive directors[199]. - The company has complied with the corporate governance codes of Hong Kong and Singapore, except for the separation of the roles of chairman and CEO[195]. - The financial statements in this report have not been audited but have been reviewed by the audit committee and deemed compliant with applicable accounting standards[200]. Shareholder Information - The company declared an interim dividend of SGD 0.006 per share (equivalent to HKD 0.0339) for the first half of 2022, payable on June 17, 2022[181]. - As of March 31, 2022, the major shareholder Fragrance Ltd. holds 220,982,600 shares, representing approximately 54.04% of the total equity[185]. - The company's executive director Lin Longtian holds 220,982,600 shares, also representing approximately 54.04% of the total equity[185].

Financial Performance - The company recorded a net profit of SGD 28.9 million for the fiscal year 2021[9]. - The company recorded revenue of SGD 121.0 million and a net profit after tax of SGD 28.9 million for the fiscal year ending September 30, 2021, representing a 16.9% increase from the previous year's net profit of SGD 24.7 million[24]. - The earnings per share increased to 6.94 Singapore cents, while the net asset value per ordinary share rose to 35.63 Singapore cents[24]. - The group's revenue for the fiscal year 2021 was SGD 121.0 million[70]. - The net profit after tax was SGD 28.9 million[71]. - The earnings before tax amounted to SGD 35.4 million, reflecting an increase from SGD 34.3 million in the previous fiscal year[85]. - The total revenue for the fiscal year 2021 was SGD 142.2 million, compared to SGD 120.9 million in the previous year, representing a growth of approximately 17.5%[79]. - The gross profit margin for the fiscal year 2021 was SGD 28.6 million, with a cost of sales of SGD 83.0 million[74]. - The company reported a significant increase in the logistics services segment, generating SGD 27.2 million in revenue[77]. - The facilities management segment contributed SGD 55.4 million to the total revenue for the fiscal year 2021[77]. - The space optimization segment achieved a revenue of SGD 38.4 million, showing strong performance[77]. - Gross profit for the fiscal year 2021 reached SGD 66,551,000, an increase from SGD 63,643,000 in 2020, representing a growth of 3.0%[87]. - The company reported a profit attributable to equity holders of SGD 28,063,000 for fiscal year 2021, up from SGD 24,144,000 in 2020, marking a growth of 16.0%[87]. - The company anticipates challenges in the recovery process post-COVID-19, including rising construction costs and delays due to global supply chain disruptions[36]. - Increased operational costs are expected due to central banks raising interest rates to combat inflation, impacting the company's growth strategy[36]. - The company aims to provide competitive pricing to users while managing rising costs and adjusting services to deliver sustainable returns to shareholders[36]. Property Acquisitions and Management - The company acquired four new properties during the fiscal year 2021, including one commercial property[10]. - The company has expanded its operations to Cambodia by acquiring a whole apartment building with 108 units for serviced residence operations[15]. - The company has renewed five industrial property leases and established a new joint venture to acquire an industrial building at 55 Tuas South Avenue 1[29]. - The company has acquired four new properties, including 320 Balestier Road and 40 & 42 Amber Road, and is in the process of renovating these properties for future operations[28]. - The company plans to fully operate four co-living properties acquired in fiscal year 2021 and a co-living hotel property acquired in Q1 of fiscal year 2022[93]. - The company expects to complete renovations of newly acquired properties by Q2 and Q3 of fiscal year 2022 for co-living operations[89]. Occupancy Rates and Business Operations - The occupancy rate for industrial properties is 84.8%, while residential properties have a 100% occupancy rate[12]. - The occupancy rate for the Coliwoo co-living spaces reached 99.5% as of September 30, 2021, with a 100% signing rate achieved within the first four months of operation at Coliwoo Keppel[26]. - The Work+Store division maintained a high occupancy rate of 98.9%, with plans to enhance services through new technologies and digitalization[29]. - The logistics division operates container depots in Singapore and Thailand, with a capacity of up to 19,000 TEUs in Thailand and 8,200 TEUs in Singapore[17]. - The transportation division operates over 50 prime movers and 200 trailers in Singapore, and over 10 prime movers and 70 trailers in Malaysia[18]. Strategic Goals and Future Plans - The company aims to establish a comprehensive business network across ASEAN to support sustainable growth[2]. - The company plans to expand its co-living business by increasing the number of rooms from 800 to approximately 1,500 by the end of 2022, with a target of adding another 1,000 rooms over the next three years[28]. - The company aims to continue seeking more facility management contracts by enhancing service offerings and integrating automation technologies[33]. - The company plans to optimize parking space utilization through smart parking solutions and has been awarded 33 new parking lots by JTC Corporation[33]. - The company is investing approximately SGD 1 million to set up 200 electric vehicle (EV) charging stations across its parking facilities over the next few years[34]. - The company is implementing a smart energy management system at the Coliwoo property using IoT technology to optimize energy usage[35]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[86]. - Future guidance indicates a focus on increasing profitability and exploring potential acquisitions to drive growth[86]. Sustainability and Community Engagement - The company has implemented multiple measures to enhance energy efficiency, including the use of energy-saving bulbs with dynamic sensors to reduce electricity waste[152]. - The company has installed solar panels on several buildings to decrease energy consumption from the grid and minimize environmental impact[152]. - The company has achieved BIZSAFE LEVEL 3 CERTIFICATE and BIZSAFE STAR CERTIFICATION, indicating high standards in workplace safety and health management[156]. - The company has launched a series of wellness webinars focusing on COVID-19 vaccine awareness and mental health management to support employee well-being[148]. - The company has sponsored food donations to needy families as part of its community commitment during its 30th anniversary celebrations[151]. - The company promotes environmental awareness among employees and encourages minimizing paper usage[152]. Corporate Governance and Board Activities - The board of directors has approved a dividend payout of K cents per share, reflecting the company's strong financial performance and commitment to returning value to shareholders[69]. - In the fiscal year 2021, the board held a total of 4 meetings for the audit committee, 3 for the nomination committee, and 1 for the remuneration committee[182]. - All directors actively participated in board meetings, with attendance records indicating full participation in quarterly meetings to review and approve financial statements and other disclosures[188]. - The company provides ongoing professional training for all directors to enhance their knowledge and skills related to Hong Kong listing rules and corporate governance[177]. - The board has a clear written scope of authority, including responsibilities for risk assessment and overall corporate governance[178]. - The company ensures that all new directors receive comprehensive onboarding training to familiarize them with the business and governance practices[176]. - The board consists of five directors, with three being non-executive and independent directors, ensuring a majority of independent oversight[197]. - The company has maintained a diverse board with 60% male and 40% female representation[200]. - The company emphasizes the importance of independent judgment in decision-making, free from any relationships that could interfere[197].

Financial Performance - The company reported revenue of SGD 64.478 million for the six months ended March 31, 2021, compared to SGD 51.619 million for the same period in 2020, representing a year-over-year increase of 25%[10]. - Gross profit for the same period was SGD 35.183 million, up from SGD 21.916 million in the previous year, indicating a significant growth of 60%[10]. - The net profit for the six months ended March 31, 2021, was SGD 15.264 million, compared to SGD 3.467 million in the prior year, reflecting a substantial increase of 340%[10]. - The total comprehensive income for the period was SGD 18,276,000, significantly higher than SGD 3,782,000 reported in the same period last year[15]. - Profit before tax increased from approximately SGD 3.8 million in H1 2020 to about SGD 18.3 million in H1 2021, a growth of 383.2%[124]. - Net profit increased from approximately SGD 3.5 million in H1 2020 to about SGD 15.3 million in H1 2021, an increase of 340.3%[126]. Assets and Liabilities - Total assets as of March 31, 2021, amounted to SGD 368.615 million, an increase from SGD 343.748 million as of September 30, 2020, showing a growth of approximately 7.2%[11]. - The company’s total liabilities increased to SGD 233.775 million from SGD 220.168 million, representing a rise of about 6.2%[11]. - The company’s total liabilities rose to SGD 224,603 thousand, compared to SGD 212,064 thousand in the previous year, indicating an increase of approximately 5.9%[66]. - Non-current liabilities increased by approximately SGD 19.4 million from SGD 126.0 million as of September 30, 2020, to SGD 145.4 million as of March 31, 2021, primarily due to bank borrowings increasing by about SGD 12.8 million[135]. Cash Flow and Investments - Cash generated from operating activities for the six months ended March 31, 2021, was SGD 24,820,000, an increase from SGD 17,989,000 in the same period last year[15]. - The company reported a net cash position of SGD 36,362,000 as of March 31, 2021, compared to SGD 21,788,000 at the end of the previous year[15]. - The company incurred a cash outflow of SGD 5,596,000 for the acquisition of property, plant, and equipment during the six months ended March 31, 2021[15]. - Cash used in investing activities amounted to approximately SGD 13.6 million, mainly for property, plant, and equipment acquisitions of about SGD 5.6 million and investment property purchases of approximately SGD 17.2 million[142]. Shareholder Information - The company declared an interim dividend of SGD 0.0075 per share for the six months ended March 31, 2021, up from SGD 0.0025 per share in 2020, an increase of 200%[72]. - As of March 31, 2021, the company's major shareholder, Lin Longtian, holds 220,982,600 shares, representing approximately 54.91% of the total equity[168]. - Lin Meizhu, another major shareholder, holds 4,000,000 shares, which is approximately 0.99% of the total equity[168]. Risk Management - The group faces market risks including currency risk and interest rate risk, which are critical for financial risk management[33]. - There have been no changes to the risk management policies since September 30, 2020, indicating stability in the group's approach to financial risks[34]. Accounting and Compliance - The financial data for the six months ending March 31, 2021, is prepared in accordance with International Accounting Standard 34, indicating a focus on interim financial reporting[17]. - The group adopted the same accounting policies and calculation methods as those used in the audited financial statements for the year ending September 30, 2020, ensuring consistency in financial reporting[18]. - The company has adopted corporate governance codes from both Singapore and Hong Kong, ensuring compliance with stricter regulations[179]. Revenue Segments - Revenue from facility management services significantly increased to SGD 26,188 thousand, up from SGD 3,822 thousand in the previous year, indicating a substantial growth in this segment[67]. - The logistics services segment generated revenue of SGD 6,042 thousand from towing services, slightly up from SGD 6,032 thousand in the previous year, showing stability in this area[67]. - The residential segment reported a revenue of SGD 6,590 thousand, a slight decrease from SGD 6,518 thousand in the previous year, reflecting challenges in this market[64]. Employee Information - The group employed 544 staff as of March 31, 2021, down from 633 on September 30, 2020[158].

Financial Performance - In the fiscal year 2020, the company recorded a net profit of SGD 24.7 million[17]. - The company achieved revenue of approximately SGD 134.2 million, an increase of 20.8% compared to the previous fiscal year[18]. - The net profit after tax for fiscal year 2020 reached approximately SGD 24.7 million, a significant increase of 183.0% from approximately SGD 8.7 million in fiscal year 2019[42]. - Earnings per share rose to 6.00 Singapore cents in fiscal year 2020, up from 2.03 Singapore cents in fiscal year 2019[42]. - The group's revenue for 2020 was SGD 134.2 million, a 20.8% increase from SGD 111.1 million in 2019[98]. - The net profit after tax for 2020 was SGD 39.5 million, up 93.6% from SGD 20.4 million in 2019[103]. - Earnings per share increased to 6.00 Singapore cents in 2020, compared to 2.03 Singapore cents in 2019, representing a 195.6% growth[108]. - The group reported a gross profit of SGD 63.6 million in 2020, compared to SGD 27.4 million in 2019, reflecting a substantial growth[108]. - The group’s profit before tax increased from approximately SGD 8.9 million in FY2019 to approximately SGD 29.3 million in FY2020, representing a growth of about SGD 20.4 million (or 228.5%)[137]. - Net profit rose from approximately SGD 8.7 million in FY2019 to approximately SGD 24.7 million in FY2020, an increase of about SGD 16.0 million (or 183.0%)[137]. Revenue Breakdown - Revenue from residential properties surged by approximately SGD 21.7 million (or 407.3%) from SGD 5.3 million in FY2019 to SGD 27.0 million in FY2020, driven by non-recurring income from new dormitory services[123]. - Facilities management revenue increased by approximately SGD 19.2 million (or 94.2%) from SGD 20.4 million in FY2019 to SGD 39.6 million in FY2020, mainly due to new dormitory services starting in Q3 FY2020[124]. - Revenue from industrial properties decreased by approximately SGD 12.4 million (or 31.5%) from SGD 39.2 million in FY2019 to SGD 26.9 million in FY2020, mainly due to the adoption of IFRS 16 which resulted in the non-recognition of approximately SGD 11.4 million in revenue[123]. - The group's logistics services segment generated SGD 24.9 million in revenue in 2020, slightly down from SGD 25.2 million in 2019[104]. Asset and Liability Management - The total assets of the group reached SGD 234.9 million in 2020, a significant increase from SGD 136.2 million in 2019[108]. - Non-current assets increased by approximately SGD 98.6 million from approximately SGD 136.2 million as of September 30, 2019, to approximately SGD 234.8 million as of September 30, 2020[137]. - Current assets rose from approximately SGD 50.7 million to about SGD 108.9 million, an increase of approximately SGD 58.2 million, driven by a rise in trade and other receivables[138]. - The group's current liabilities increased from approximately SGD 43.8 million to about SGD 94.2 million, an increase of approximately SGD 50.4 million[5]. - Non-current liabilities increased from approximately SGD 46.3 million to about SGD 126.0 million, an increase of approximately SGD 79.7 million, primarily due to bank borrowings[138]. Operational Highlights - The logistics management division operates container depots capable of handling up to 8,200 TEUs in Singapore and 19,000 TEUs in Thailand[31]. - The company operates over 50 prime movers, 15 tankers, and 200 trailers in its logistics services[32]. - The company is set to manage a commercial hotel with 158 rooms in Quanzhou, China, expected to be fully operational in 2021[34]. - The company has established 2 container depots in Thailand with capacities of 10,500 TEUs and 8,500 TEUs respectively[36]. - The logistics services segment expanded successfully, with the acquisition of its first logistics facility and the introduction of cross-border trucking services[51]. Strategic Initiatives - The company is expanding its business network across ASEAN to support sustainable growth[7]. - The company aims to expand its market presence and enhance its service offerings through strategic initiatives and potential acquisitions in the coming years[96]. - The company plans to expand its logistics services by increasing its transport fleet in Singapore and Malaysia to better support cross-border trailer services[117]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $30 million earmarked for potential acquisitions[183]. Corporate Governance and Compliance - The company is committed to maintaining good corporate governance according to the guidelines of the Singapore Exchange and Hong Kong listing rules, adopting the Hong Kong Corporate Governance Code since December 29, 2017[164]. - The board of directors is committed to overseeing the company's long-term success, with a focus on sustainable growth and risk management[189]. - The company has implemented a diversity policy for the appointment and re-election of directors[193]. - The audit committee, nomination committee, and remuneration committee are responsible for reviewing relevant issues and making recommendations to the board[195]. Sustainability and Community Engagement - The company has implemented energy efficiency measures, such as using energy-saving bulbs with motion sensors, to reduce electricity waste in its space optimization business[172]. - The company has installed solar panels in multiple buildings to supplement energy consumption from the grid and reduce environmental impact[172]. - The company actively participates in community support initiatives, including a food donation campaign that received enthusiastic responses from employees[172]. - The company has committed to using environmentally friendly cleaning products and has installed water-saving devices to prevent waste[172].

Financial Performance - The company reported revenue of SGD 51.619 million for the six months ended March 31, 2020, a decrease of 3.7% from SGD 53.599 million in the same period last year[14]. - Gross profit increased to SGD 21.916 million, up 80% from SGD 12.177 million year-on-year[14]. - Other income rose to SGD 2.757 million, compared to SGD 1.806 million in the previous year, reflecting a 52.5% increase[14]. - The company reported a profit before tax of SGD 3.782 million, an increase of 13.6% from SGD 3.328 million in the prior year[14]. - Net profit for the period was SGD 3.467 million, compared to SGD 3.096 million, representing a 12% increase year-on-year[14]. - Total comprehensive income for the period was SGD 3.458 million, up from SGD 3.137 million, marking a 10.2% increase[14]. - Earnings per share for the period attributable to equity holders was SGD 3.176 million, compared to SGD 2.815 million in the previous year[14]. - The company reported a loss from fair value of investment properties amounting to SGD 4.317 million for the six months ended March 31, 2020[30]. - The company’s net profit attributable to equity holders for the period was SGD 4,246 thousand, demonstrating profitability despite market challenges[77]. Assets and Liabilities - Total assets increased to SGD 315,717 thousand as of March 31, 2020, compared to SGD 186,944 thousand as of September 30, 2019, representing a growth of 68.6%[15]. - Total liabilities surged to SGD 210,989 thousand from SGD 90,064 thousand, marking an increase of 134.0%[15]. - Current liabilities, including trade and other payables, amounted to SGD 77,948 thousand, up from SGD 43,796 thousand, an increase of 77.9%[15]. - Total equity increased to SGD 104,728 thousand from SGD 96,880 thousand, reflecting a growth of 8.5%[17]. - The company’s total assets as of March 31, 2020, were reported at SGD 282,466 thousand, with total liabilities at SGD 205,128 thousand[77]. - Non-current liabilities increased from approximately SGD 46.3 million to approximately SGD 133.0 million, a rise of approximately SGD 86.7 million, primarily due to lease liabilities recognized under IFRS 16[155]. Cash Flow - Operating cash flow for the six months ended March 31, 2020, was SGD 17,578,000, significantly up from SGD 4,904,000 in the same period of 2019, representing a 258% increase[19]. - Net cash generated from operating activities reached SGD 17,989,000, compared to SGD 5,017,000 in the previous year, indicating a 258% growth[19]. - Cash used in investing activities amounted to SGD 22,716,000, a decrease from SGD 30,217,000 in the prior year, showing a 25% reduction[19]. - Cash flow from financing activities generated SGD 5,238,000, down from SGD 21,210,000 in the previous year, reflecting a 75% decline[19]. - The total cash and cash equivalents at the end of the period was SGD 21,788,000, an increase from SGD 16,692,000 year-over-year, which is a 30% rise[19]. Investment and Capital Expenditure - The company’s investment in property, plant, and equipment increased significantly, with cash outflow of SGD 19,602,000 compared to SGD 7,399,000 in the previous year[19]. - The capital expenditure for the period was SGD 10,464 thousand, reflecting ongoing investments in property and equipment[77]. - The company completed the acquisition of an industrial property for SGD 17 million on February 4, 2020, intended for self-storage and logistics activities[172]. Accounting Standards and Policies - The company adopted IFRS 16 Leases, which has implications for the recognition of lease liabilities and assets[24]. - The company has maintained its accounting policies consistent with the previous fiscal year, ensuring stability in financial reporting[22]. - The company recognized lease liabilities of SGD 109,578,000 as of October 1, 2019, after adjustments for short-term and low-value leases[31]. - The company will recognize lease income from operating leases on a straight-line basis over the lease term, net of any incentives granted to tenants[39]. Market and Operational Strategies - The company plans to continue exploring market expansion and new product development strategies to drive future growth[14]. - The company plans to expand its market presence in Southeast Asia, focusing on logistics and facility management services[83]. - The company is investing in new technologies to enhance operational efficiency and improve service delivery in its logistics segment[83]. - The company is actively seeking more external facility management contracts to provide comprehensive services[122]. Shareholder Information - The company has a significant shareholder, Lin Longtian, who holds 216,930,000 shares, representing approximately 53.90% of the total equity[194]. - Fragrance Ltd., controlled by Hean Nerng Group Pte. Ltd., is the beneficial owner of 216,930,000 shares, also accounting for 53.90% of the equity[200]. - The total number of shares held by major shareholders is consistent across various entities, indicating a concentrated ownership structure[199]. Risk Management - The group’s financial risk management includes market risk, credit risk, and liquidity risk, which are critical for its operational activities[56]. - The group has not changed its risk management policies since September 30, 2019, indicating stability in its financial risk management approach[57]. - The group considers significant indicators of credit risk, including major difficulties faced by debtors and potential bankruptcy, to assess expected credit losses[60].

Financial Performance - The company's revenue for the fiscal year 2019 increased by 1.7% to approximately SGD 111.1 million, compared to SGD 109.3 million in the fiscal year 2018[14]. - The net profit after tax for fiscal year 2019 was approximately SGD 8.7 million, representing a 51.2% increase from about SGD 5.8 million in fiscal year 2018[14]. - Earnings per share grew by 47.1% to SGD 0.0203, while the net asset value per ordinary share increased by 8.9% to SGD 0.2369[14]. - The group reported a gross profit of SGD 27.414 million in 2019, compared to SGD 28.890 million in 2018[58]. - The group's operating profit before tax increased from SGD 6.206 million in 2018 to SGD 8.926 million in 2019[58]. - The group's profit before tax for FY2019 was approximately SGD 8.9 million, compared to about SGD 6.2 million in FY2018, representing an increase of 43.5%[74]. - Net profit for FY2019 was approximately SGD 8.7 million, an increase of 51.2% from SGD 5.8 million in FY2018[74]. - The group recorded a revenue growth of 1.7% in the fiscal year 2019, primarily driven by residential properties under the space optimization business and facility management services[59]. Property Management and Occupancy - The average occupancy rates for industrial and commercial properties were 87.9% and 90.8%, respectively, during fiscal year 2019[15]. - The property at 31 Boon Lay Drive achieved over 90% occupancy, exceeding expectations for occupancy and revenue targets[17]. - The average occupancy rate for the group's industrial properties slightly decreased by 0.9 percentage points to approximately 87.9% in the fiscal year 2019, compared to 88.8% in the fiscal year 2018[63]. - The average occupancy rate for commercial properties increased by 4.6 percentage points to approximately 90.8% in FY2019, compared to 86.2% in FY2018[64]. Acquisitions and Expansion - The company successfully acquired a new industrial property and secured three new residential property leases during the fiscal year[15]. - A new industrial property was acquired at 71 Lorong 23 Geylang, Singapore, and was quickly renovated to operate under the Work+Store brand[15]. - The company aims to acquire another industrial property through a joint venture to expand its Work+Store facilities in Singapore[18]. - The group completed the acquisition of a new industrial property and secured three new leases for residential properties during the fiscal year 2019[59]. - The acquisition of the Geylang property was completed for SGD 18 million (approximately HKD 26.8 million), funded through a combination of internal resources and bank borrowings[59]. - The group has signed a 15-year lease agreement to establish a mixed-use space business in Quanzhou, Fujian Province, China, as part of its expansion strategy[61]. Logistics and Services - The logistics services segment reported a revenue growth of 12.3%, driven by increased demand for transportation services and container leasing in Thailand[20]. - The logistics services are currently provided in Singapore and Malaysia, with container yard management services in Singapore and Thailand[6]. - The company operates four parking facilities in Hong Kong and has expanded its logistics solutions to include transportation services[11]. - The company plans to expand its logistics business in the ASEAN region by establishing a new container yard in Myanmar[21]. - The logistics services revenue rose by approximately SGD 2.7 million (or 12.3%) to about SGD 24.9 million in FY2019, attributed to increased demand for transportation services and container leasing in Thailand[72]. Community and Environmental Commitment - The group has a strong commitment to community involvement, with leadership roles in various local organizations[40][41]. - The company has installed solar panels on multiple buildings, including the roof of the property at 38 Ang Mo Kio, to supplement energy consumption from the grid[98]. - The company has implemented energy-efficient practices, such as using energy-saving bulbs with dynamic sensors and timers, to reduce electricity waste[97]. - The company has achieved BIZSAFE LEVEL 3 CERTIFICATE and ISO 9001:2015 certification for its facility management services, indicating a commitment to quality and safety[99]. - The company has made significant strides towards renewable energy, with solar panels installed to reduce environmental impact[97]. - The group is dedicated to community engagement, supporting various initiatives such as providing meals and gifts to orphans and donating food to over 130 beneficiaries[96]. Governance and Management - The group has established a robust governance structure with various committees to ensure compliance and strategic direction[42][43][44]. - The board includes independent directors with significant expertise in capital markets, corporate finance, and real estate, enhancing governance and strategic oversight[42][43][44]. - The company is committed to maintaining good corporate governance in accordance with the Singapore Exchange and Hong Kong listing rules[89]. - The board has established a power mechanism for approving significant transactions, including investments, mergers, acquisitions, and major capital expenditures[112]. - The audit committee consists of three independent non-executive directors, ensuring no conflicts of interest with external auditors[189]. - The company has adopted a disclosure policy to handle insider information in compliance with relevant regulations[188]. Employee Development and Remuneration - The group emphasizes employee development and engagement as key to business success, providing continuous learning opportunities[91]. - The remuneration committee is composed entirely of independent non-executive directors, ensuring objectivity in compensation decisions[158]. - The total director remuneration was proposed to be SGD 192,000, to be paid quarterly, pending shareholder approval[159]. - The performance indicators for the group's compensation policy are linked to customer retention and financial performance[164]. - The stock option plan was adopted on September 25, 2017, to align the interests of employees with those of shareholders[169]. Financial Management and Risk Assessment - The company has established procedures to identify major business risks and assess potential financial impacts[184]. - The internal control system aims to ensure the integrity and reliability of financial information and protect the company's assets[184]. - The audit committee reviewed the adequacy and effectiveness of the internal control systems, including financial and operational controls[184]. - The company does not foresee any significant uncertainties that could impact its ongoing viability[182]. - The risk management and internal control systems are deemed sufficient and effective for the fiscal year 2019[186].

Financial Performance - The company reported revenue of SGD 53.599 million for the six months ended March 31, 2019, compared to SGD 56.204 million for the same period in 2018, representing a decrease of approximately 4.8%[16] - Gross profit for the same period was SGD 12.177 million, down from SGD 15.449 million in 2018, indicating a decline of about 21.5%[16] - The net profit for the period was SGD 3.096 million, an increase of 29.3% from SGD 2.396 million in the previous year[16] - The company’s total comprehensive income for the period was SGD 3.137 million, compared to SGD 2.371 million in 2018, reflecting an increase of approximately 32.4%[16] - Basic and diluted earnings per share for the period were 0.70 cents, up from 0.62 cents in the previous year, marking an increase of about 12.9%[16] - Other income for the period was SGD 1.806 million, a decrease from SGD 1.956 million in 2018, representing a decline of approximately 7.7%[16] - The company’s share of results from associates and joint ventures after tax was SGD 1.953 million, significantly higher than SGD 648,000 in the previous year[16] - Administrative expenses decreased to SGD 11.173 million from SGD 13.028 million, showing a reduction of approximately 14.2%[16] - The company incurred finance costs of SGD 569,000, which is slightly higher than SGD 399,000 in the previous year[16] Assets and Liabilities - Total assets increased to SGD 173,157 thousand as of March 31, 2019, compared to SGD 148,151 thousand as of September 30, 2018, representing a growth of approximately 16.9%[17] - Total liabilities rose to SGD 81,948 thousand, up from SGD 59,645 thousand, indicating an increase of about 37.3%[17] - Total equity increased to SGD 91,209 thousand from SGD 88,506 thousand, reflecting a growth of approximately 1.9%[17] - Cash and bank balances amounted to SGD 14,315 thousand, compared to SGD 10,029 thousand in the previous period, marking a significant increase of about 42.5%[17] - Inventory levels rose to SGD 11,864 thousand, up from SGD 7,690 thousand, which is an increase of approximately 54.3%[17] - The company's retained earnings stood at SGD 51,835 thousand, compared to SGD 49,594 thousand, showing an increase of about 4.5%[20] - Non-controlling interests increased to SGD 1,255 thousand from SGD 972 thousand, representing a growth of approximately 29.2%[20] Cash Flow and Investments - Operating cash flow for the six months ended March 31, 2019, was SGD 5,017,000, an increase from SGD 2,874,000 in the same period of 2018[22] - Net cash used in investing activities for the six months ended March 31, 2019, was SGD 30,217,000, compared to SGD 2,540,000 in the previous year[22] - Cash and cash equivalents at the end of the period were SGD 16,692,000, down from SGD 22,970,000 as of March 31, 2018[22] - The company reported a financing cash inflow of SGD 21,210,000 for the six months ended March 31, 2019, compared to SGD 7,797,000 in the same period of 2018[22] - The company incurred a cash outflow of SGD 7,399,000 for the acquisition of property, plant, and equipment during the reporting period[22] Financial Reporting Standards - The group has not adopted the new International Financial Reporting Standards (IFRS) 16 on leases, which will take effect on January 1, 2019, and will require all long-term leases to be recognized as assets and liabilities on the balance sheet[30] - The expected credit loss for trade receivables is estimated at SGD 1,983,000, based on historical loss data and adjusted for current conditions[37] - The group is currently evaluating the impact of IFRS 17 on insurance contracts, which will take effect on January 1, 2021, but does not anticipate any significant impact on its financial position or performance[31] - The adoption of IFRS 16 will not affect the total cash flows related to leases, but will increase the recognized assets and liabilities on the balance sheet[30] Trade Receivables and Credit Risk - As of March 31, 2019, the total trade receivables amounted to SGD 12,476 million, with an expected loss provision of SGD 1,983 million[39] - The expected loss rates for trade receivables as of March 31, 2019, were 0.2% for current, 0.1% for 30 days overdue, 0.4% for 60 days overdue, 2.3% for 90 days overdue, 0.9% for 180 days overdue, 6.4% for 365 days overdue, and 90.8% for amounts overdue beyond 365 days[39] - The impairment provision for trade receivables increased from SGD 1,812 million on October 1, 2018, to SGD 1,983 million on March 31, 2019, reflecting a loss provision recognized during the period of SGD 171 million[42] - The company assesses credit risk based on significant indicators such as debtor distress, contract violations, and potential bankruptcy[41] Property Valuation and Investments - The fair value of investment properties as of March 31, 2019, was SGD 65,084 million, compared to SGD 46,054 million as of September 30, 2018[45] - The company utilizes independent professional valuers to determine the fair value of its investment properties based on market indicators and cash flow projections[46] - The company reported a decrease in the self-use rate of the property at 72 Eunos Avenue 7 from 17% to 2%, leading to a reclassification of approximately SGD 3,290,000 to investment properties[47] Business Operations and Strategy - The company plans to continue focusing on market expansion and new product development to drive future growth[15] - The company is actively seeking new properties and business opportunities for expansion in Singapore, China, and other Asian countries[106] - The company has initiated operations in China with an allocation of HKD 1.8 million[152] Market Conditions and Outlook - The group remains cautious about the business outlook in Singapore's real estate market, despite ongoing expansion plans[102] - The overall industrial property market occupancy rate increased by 0.3 percentage points year-on-year, while the rental index decreased by 0.2%[102] Corporate Governance - The company has adopted the corporate governance codes of both Singapore and Hong Kong, ensuring compliance with stricter regulations[168] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated results for the first half of 2019[172]