Financial Performance - The net asset value attributable to shareholders increased to SGD 225.336 million as of March 31, 2024, compared to SGD 216.194 million as of September 30, 2023, representing a growth of approximately 5.3%[4] - Basic and diluted earnings per share remained the same at SGD 0.55 as of March 31, 2024, due to no potential dilutive securities being issued[3] - Total revenue for the six months ended March 31, 2024, was SGD 54.547 million, a significant increase from SGD 42.883 million for the same period in 2023, reflecting a growth of approximately 27.3%[8] - The group reported a profit before tax from continuing operations of SGD 15.253 million for the six months ended March 31, 2024, compared to SGD 17.849 million for the same period in 2023, indicating a decrease of about 14.5%[10] - The group reported a net profit attributable to equity holders of SGD 12,973,000 for the six months ended March 31, 2024, compared to SGD 15,184,000 for the same period in 2023, a decrease of 14.5%[29] - The basic earnings per share for the six months ended March 31, 2024, was 3.17 Singapore cents, down from 3.71 Singapore cents in the previous year, a decline of 14.6%[29] - The total comprehensive income for the period was SGD 6,558,000, reflecting the company's operational performance[52] - The total comprehensive income for the period was SGD 13,515,000, down 27.9% from SGD 18,735,000 in the same period last year[64] - The group’s total profit for the first half of 2024 decreased by approximately SGD 5.0 million (or 27.6%) to about SGD 13.3 million from approximately SGD 18.3 million in the first half of 2023[179] Revenue and Profitability - The group’s gross profit for the six months ended March 31, 2024, was SGD 34.791 million, compared to SGD 27.862 million for the same period in 2023, marking an increase of approximately 24.8%[7] - Gross profit increased by 36.0% to SGD 34,791,000 compared to SGD 25,584,000 in the previous year[41] - Revenue for the six months ended March 31, 2024, was SGD 54,547,000, representing a 27.2% increase from SGD 42,883,000 in the same period last year[41] - The company reported a pre-tax profit of SGD 15,253,000, with a net profit of SGD 13,258,000 after tax adjustments[86] - Total revenue for the first half of 2024 reached 54.5 million SGD, an increase of 27.2% compared to 42.9 million SGD in the same period of 2023[139] Cash Flow and Financial Position - The group’s cash flow was impacted by the discontinued operations, with employee costs related to the Logistics group amounting to SGD 534,000 being reclassified[1] - The net cash generated from operating activities for the six months ended March 31, 2024, was SGD 14,622,000, a decrease from SGD 27,750,000 in the previous year, representing a decline of approximately 47%[70] - The total cash and cash equivalents at the end of the period increased to SGD 61,603,000 from SGD 33,691,000, marking an increase of about 83%[70] - The cash flow from financing activities generated a net cash inflow of SGD 17,434,000, significantly higher than the previous year's inflow of SGD 3,592,000[70] - The group’s financial liabilities increased to SGD 350,838,000 at amortized cost as of March 31, 2024, up from SGD 318,860,000 as of September 30, 2023, reflecting a growth of 10%[22] - The group’s financial assets totaled SGD 123,747,000 at amortized cost, a decrease from SGD 125,980,000 as of September 30, 2023, representing a decline of 1%[22] Investments and Acquisitions - A joint venture was established with Macritchie Developments Pte. Ltd. to form Jadeite Properties Pte. Ltd., with a property acquisition cost of SGD 26.5 million[11] - The group successfully acquired properties at 99 Rangoon Road and 288 River Valley Road, with planning permission obtained for converting the GSM building's third to sixth floors into serviced apartments[23] - The company plans to convert the GSM building into a serviced apartment with approximately 187 rooms after obtaining planning permission[162] - The group recorded a fair value loss on investment properties amounting to SGD 3,852,000, impacting overall profitability[114] - The group's investment properties increased by approximately SGD 37.9 million, mainly due to acquisitions of properties located at 288 River Valley Road and 99 Rangoon Road[181] Operational Highlights - The group managed 2,534 rooms under the Coliwoo co-living brand as of March 2024, indicating strong growth in the residential property segment[23] - The occupancy rate for co-living spaces in Singapore remained high at 91.8%, demonstrating resilience despite increased competition and rental price stabilization[135] - The company secured 60 new contracts and successfully renewed 81 existing contracts in the integrated facilities management segment, increasing the number of ICFM clients from 83 to 103[139] - The company plans to launch new residential properties, including 800 additional rooms for the Coliwoo product line by the end of the fiscal year ending September 30, 2025[137] - The company plans to enhance its market share in the facility management business by managing 11 parking lots starting April 2024, which will include over 700 parking spaces[130] Challenges and Risks - The group reported a net loss from discontinued operations of SGD 2.756 million for the six months ended March 31, 2023[10] - Other income decreased significantly by 83.7% to approximately SGD 2.6 million, primarily due to the absence of non-recurring gains from the previous year and reduced rental income from government subsidies[132] - The company incurred a cash outflow of SGD 33,894,000 for the acquisition of investment properties, down from SGD 40,878,000 in the previous year, reflecting a decrease of about 17%[70] - The company’s total operating expenses rose to SGD 34,998,000, an increase of 4.7% from SGD 33,419,000 in the prior year[155]
LHN(01730) - 2024 - 中期业绩