IPC (AZA) H1 2023 earnings summary

Executive summary

• H1 sales rose to S$1.714m from S$0.874m, while a S$3.855m impairment on assets held for sale drove a S$5.432m net loss.

• Higher sales from Grand Nest HOTEL and Zhuhai properties narrowed the gross loss; the Zhuhai property sale agreement is progressing toward shareholder approval.

Financial highlights

• Sales S$1.714m, up from S$0.874m; gross loss narrowed to S$24k from S$408k.

• Other losses, net, were S$3.854m, primarily from a S$3.855m impairment loss on assets held for sale.

• Loss before tax was S$5.385m versus S$2.415m; net loss was S$5.432m versus S$2.456m.

• Operating cash flow was S$4.057m versus an outflow of S$1.349m; cash and cash equivalents ended at S$4.931m versus S$1.629m at 31 Dec 2022.

Outlook and guidance

• NHJC and Grand Nest HOTEL & MICE businesses were expected to improve in 2023, barring unforeseen events.

• A circular was being prepared to convene an EGM and seek shareholder approval for the Zhuhai property sale agreement.