MYP (F86) H1 2024 earnings summary

Executive summary

• Revenue rose 5.4% YoY to $8.675m, but the period ended in a $2.401m net loss versus $1.372m profit a year earlier, primarily as net finance costs increased.

• Operating activities generated $5.807m of net cash; cash and cash equivalents in the cash flow statement ended at $89.947m.

Financial highlights

• Revenue was $8.675m, up 5.4% YoY; operating income was $5.306m, down 2.3% YoY.

• Net finance costs increased to $7.443m from $3.699m; finance income rose to $1.400m from $0.400m, while finance costs were $8.843m versus $4.099m.

• Loss before tax was $2.137m versus profit before tax of $1.732m; net loss was $2.401m versus net income of $1.372m.

• EPS was a loss of 0.15 cents, basic and diluted, versus earnings of 0.09 cents in 1H FY2023.

• Total expenses increased 61.5% YoY to $11.077m, mainly from higher finance costs and direct property operating expenses.

Outlook and guidance

• No prior forecast or prospect statement was made; external factors being monitored include the office rental market and bank interest-rate fluctuations.

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

• No dividend was recommended for the half-year, with the stated aim of retaining resources for future investment and long-term sustainable growth.