Mainboard-listed The Place Holdings E27 has reported net profit attributable to shareholders of the company of $2.96 million for FY2023 ended Dec 31, 2023, up from a net loss of $12.46 million this time last year.
The group’s revenue increased 187% y-o-y to approximately $2.21 million, which was solely contributed by its integrated media-related business unit on the back of China’s reopening in early FY2023.
Notably, the revenue of its integrated media-related business unit in FY2023 has recovered back to pre-Covid-19 levels, says the group on Feb 29.
In addition, the group has three ongoing development projects — the redevelopment of Realty Centre in Singapore, the Mount Yuntai Project located at Henan Province in mainland China and Singapore mixed-development project Sceneca Residence, in which the group has invested a 20% equity stake.
In FY2023, the group recorded other income of approximately $7.20 million, up from $1.03 million in FY2022, which was mainly due to a gain on dilution of control of $5.89 million.
This dilution of control is mainly due the cessation of New Vision as a subsidiary and classified as an investment in an associate. Based on the accounting treatment FRS 110 and after evaluating the fair value of consideration, the group has established the value of the investment in an associate and the loan to an associate.
See also: IHH Healthcare’s 3QFY2024 patmi remains flat at RM534 mil
Cost of sales grew 159% y-o-y to $101,000 in FY2023, while administrative expenses remained relatively stable at approximately $4.65 million in FY2023, growing 5% y-o-y.
The group incurred higher interest expenses of S$7.56 million in FY2023, mainly due to higher interest rates.
The group’s total net assets stood at approximately $91.15 million as at Dec 31, 2023, which includes development properties of approximately $24.00 million, cash and cash equivalents of $16.93 million, trade and other receivables of approximately $32.09 million as well as loan to an associate of $21.8 million.
See also: Marco Polo Marine reports lower 2HFY2024 earnings of $10.7 mil, down 42% y-o-y
As at Dec 31, 2023, the group has net assets (after adjusting for non-controlling interests) of approximately $79.79 million, which translates to a net asset value of $1.36 cents per share.
Earnings per share for FY2023, meanwhile, came in at 0.05 cents, up from a loss per share of 0.21 cents in FY2022.
No dividend has been declared for FY2023.
Shares in The Place closed flat at 0.6 cents on Feb 29.
