Powermatic Data Systems (BCY) H1 2027 earnings summary

Executive summary

• H1 FY2027 revenue was S$29.694m versus S$6.138m YoY, driven by S$25.831m of property-development revenue; wireless-connectivity revenue declined to S$3.863m.

• Net profit was S$16.848m versus S$0.772m, while wireless-connectivity profit before tax was S$41k; property development was the main profit driver.

Financial highlights

• Gross profit rose to S$19.381m from S$2.947m, primarily reflecting property-development revenue recognized on a percentage-completion basis.

• Profit before tax was S$17.829m versus S$0.908m; income tax expense was S$981k versus S$136k.

• Other gains declined 59% to S$318k, including S$415k interest income versus S$740k; other losses fell to S$100k from S$527k, mainly due to lower FX losses.

• Operating cash flow was S$1.681m versus S$424k; cash and bank balances were S$56.708m at 30 Sep 2026, down from S$61.339m at 31 Mar 2026.

Outlook and guidance

• Property redevelopment completion and Temporary Occupation Licence are expected in H1 2027; if completed within FY2027, revenue from 17 sold units is expected to total S$41.2m, including S$15.4m in 2H FY2027.

• Wireless-connectivity revenue is expected to remain subdued for the rest of FY2027 and materially below FY2026’s S$12.9m; subdued demand is expected to weigh on FY2027 profitability.

• Property development is expected to remain a key FY2027 profitability driver amid challenging wireless-connectivity conditions.