MYP (F86) H1 2023 earnings summary

Executive summary

• H1 FY2023 revenue rose 4.1% YoY to $8.23m; net profit was $1.372m versus a $408k loss a year earlier, with EPS of 0.09 cents versus a loss of 0.03 cents.

• Operating results benefited from higher rental income and lower net finance costs; no dividend was recommended to retain resources for future investment and sustainable growth.

Financial highlights

• Revenue increased 4.1% YoY to $8.230m, mainly from rent and service income under new occupancy agreements.

• Results from operating activities rose 4.4% to $5.431m from $5.202m; net profit was $1.372m versus a $408k loss.

• Net finance costs declined 33.4% to $3.699m from $5.552m, while income tax expense increased to $360k from $58k.

• Total comprehensive income was $1.372m; prior-year total included $1.662m of hedge-related OCI.

Outlook and guidance

• No forecast or prospect statement had previously been issued to shareholders.

• Strategic investments in value assets with potential for attractive returns remain under consideration.

• External factors being monitored include the office rental market and bank interest-rate fluctuations.