MYP (F86) H2 2023 earnings summary

Executive summary

• FY2023 net profit was S$1.8m versus S$3.8m in FY2022, as lower investment-property revaluation gains and higher finance costs outweighed revenue growth.

• Revenue rose 6.6% to S$16.9m, supported by occupancy agreements secured in late FY2022 and renewals during FY2023.

• MYP Centre occupancy improved to 97.3% from 95.8%; the residential units also remained tenanted.

Financial highlights

• Revenue was S$16.928m versus S$15.878m; operating activities result was S$11.855m versus S$12.446m.

• Profit before tax was S$1.884m versus S$4.156m; net profit was S$1.773m versus S$3.758m.

• Net finance costs increased to S$9.971m from S$8.290m; finance income rose to S$1.199m from S$0.669m, while finance costs reached S$11.170m from S$8.959m.

• Cash and cash equivalents in the cash flow statement were S$94.025m at 31 March 2023 versus S$91.894m; net cash increased S$2.131m after a S$32.865m decrease in FY2022.

• Total assets were S$674.338m, total equity S$288.039m and total liabilities S$386.299m at 31 March 2023.

Outlook and guidance

• For FY2024, gradual recovery was anticipated, but a relatively slow pace amid global uncertainty, high inflation, geopolitical risks and rising interest rates.

• Singapore GDP growth was projected at 0.5%–2.5% for 2023, down from 3.6% in 2022; global growth was forecast to decline from 3.4% in 2022 to 2.8% in 2023.

• Priorities include maintaining a robust portfolio, pursuing long-term sustainable growth, and strengthening ESG focus and sustainability initiatives.