Condensed Interim Financial Statements For The Six Months Ended 30 September 2023

Condensed interim consolidated statement of profit or loss and other comprehensive income

Review of Performance

The acquisition of Bacui Elitist was completed on 29 March 2023 and the income statement was consolidated commencing from 1 April 2023.


The revenue for the six months ended 30 September 2023 ("HY2024") is attributable to Bacui Elitist Group. Please refer to the notes to income statement for the revenue breakdown.

Other income

Other income amounting S$152,000 is attributable to Bacui Elitist Group's operations while an amount of S$22,000 arises from gain on disposal relating to the disposal of the Disposal Group during HY2024.


The increase in expenses is largely due to the consolidation of Bacui Elitist Group in HY2024.

The increase in professional fees related to the non-recurring fees incurred relating to the circular for change in name of the Company, change in core business of the Group and adoption of new constitution as well as the disposal of the Disposal Group during HY2024.

Loss attributable to shareholders

Loss attributable to shareholders for the period under review was S$0.25 million as compared to a loss of S$0.51 million in the previous corresponding period. Included in the loss attributable to shareholders is loss from discontinued operations amounting to S$48,000 for HY2024 (HY2023: S$0.13 million).

The decrease was mainly due to profit contribution of S$0.23 million from the newly acquired Bacui Elitist Group as well as gain on disposal of subsidiary corporations amounting to S$22,000.

Balance sheet

The increase in the Company's trade and other receivables is due to an amount due from IMA amounting to S$0.22 million which was subsequently received in October 2023 by the Company.

The decrease in other current assets is due to the reversal of prepaid expenses in the income statement during HY2024.

The decrease in trade and other payables is due to

  1. the issuance of consideration shares for Bacui Elitist acquisition amounting to S$0.98 million in HY2024. The cost of the investment payable in shares was accrued as at 31 March 2023;
  2. the payment of trade and other payables by the Company during HY2024 amounting to S$0.17 million; and
  3. de-consolidation of the Disposal Group during HY2024 for which the trade and other payables attributable to the Disposal Group as at 31 March 2023 was S$0.18 million.

This decrease was offset by an increase in trade and other payables attributable to Bacui Elitist Group amounting to S$0.86 million due to changes in repayment pattern.

The amounts due to director relates to advances made by Mr Ng Kai Man for the Company's working capital purposes. The decrease in the Group's amounts due to director is due to the repayment of S$0.73 million by FHL during the financial period. The decrease is partially offset by the advances of S$0.2 million from Mr Ng to the Company during HY2024.

Cash and cash equivalents decreased by S$217,000 due to the utilisation of cash for financing activities. Please refer to the "Cash-flow" section below for explanation on the cash flow movements.


Cash and cash equivalents as at 30 September 2023 was S$9.58 million as compared to S$10.78 million as at 31 March 2023.

Cash generated from operating activities was S$0.47 million in HY2024. The net operating cash inflow was due to operating loss before working capital changes of S$50,000 adjusted for working capital inflows of S$0.44 million which were mainly due to an increase in trade and other payables as at 30 Sep 2023 as compared to 31 March 2023 (excluding the impact of the discontinued operations).

The Group had positive working capital of S$2.95 million as at 30 September 2023 as compared to S$2.09 million as at 31 March 2023.


As mentioned earlier, the Group has disposed of FHL Group and IMA during the financial period in view of the change of core business as approved by Shareholders at the extraordinary general meeting on 31 July 2023. The Board will focus on the development and growth of the newly acquired operations in China under the Bacui Elitist Group.

Guangdong Province is currently the largest provincial-level division in China (where the Company's operations are now based) (Source: As such, management is cautiously optimistic of the market sentiments in China in the next twelve months and are of the view that there is sufficient and adequate demand.

Condensed interim statement of financial position