Condensed Consolidated Income Statements

Condensed Consolidated Statement Of Financial Position

Review of performance for the current quarter and financial period to-date

1. MPM's current quarter sales were marginally lower than the corresponding quarter due to substantially lower fishmeal volume and depressed international selling price despite all other activities recorded stable sales helped by improved volume albeit at a lower unit price.

   Despite better performance of fishing and surimi based products contributed by higher volume and better margin, earnings were 6% lower than the corresponding quarter mainly due to margin erosion caused by substantially lower fishmeal volume and depressed international selling price.

2. ILF's current quarter sales were 6% higher than the corresponding quarter mainly due to substantially higher feed raw material trading volume as well as higher volume for other farm produce albeit at a lower unit price.

   Despite weaker performance of broiler and layer operations affected by lower selling price caused by subdue demand albeit at lower feed cost, earnings were 19% higher than the corresponding quarter mainly due to substantially higher feed raw material trading volume with better margin.

   Despite improved performance of feed raw material trading from higher sales volume and stable margin, earnings were 9% lower than the corresponding quarter mainly due to margin compression from lower price of farm produce across all farming operations caused by weak market sentiment. The layer operation in Peninsular Malaysia was adversely affected by the surge in smaller egg supply with the ramp up of layer population as well as 5 cents cost subsidy reduction under the current price ceiling mechanism.

3. Despite net increase of 47 stores and 48 FM Mini, CVS's current quarter sales increased by 6% only against the corresponding quarter mainly due to lower average store sales impacted by weak consumer sentiment.

   Earnings were 8% lower against the corresponding quarter mainly due to higher operating expenses

4. POCE's current quarter sales were 27% higher than the corresponding quarter mainly due to results consolidation of the Plus Xnergy Holdings and more solar project delivery under BM Greentech as well as stable performance of palm oil activities.

   Earnings were 27% higher than the corresponding quarter in line with higher sales and stable margin.

Review of current quarter performance with the preceding quarter

1. MPM's current quarter sales were 10% higher than the preceding quarter mainly due to seasonal factor with resumption of fishing activity and stable fish landing during the period.

   Earnings were 25% higher than the preceding quarter mainly due to significantly higher margin from fishing as well as improved performance of aquaculture activity.

2. ILF's current quarter sales decreased by 5% against the preceding quarter mainly due to lower unit selling price for both feed raw material trading and farm produce despite higher volume.

   Despite reduction in Malaysia's egg cost subsidy of 5 cents during the quarter, earnings were 16% higher against the preceding quarter mainly due to better margin from feed raw material trading, relatively lower feed cost for farming operations and significant performance improvement of Vietnam farming units.

3. CVS's current quarter sales increased by 11% against the preceding quarter mainly due to seasonal festive factor and net increase of 7 stores and 8 FM Mini.

   Earnings were 46% higher than the preceding quarter mainly attributed to improved margin from higher average store sales.

4. POCE's current quarter sales decreased by 15% against the preceding quarter mainly due to seasonally slower project activities especially water treatment and solar under BM Greentech despite better performance of palm oil activities contributed by higher sales volume delivery albeit at a lower CPO price.

   Earnings decreased by 40% against the preceding quarter mainly due to slower project activities for water treatment and solar at BM Greentech as well as margin erosion for palm oil activities with lower CPO price.

Prospects for the next quarter to 30th September 2025

Despite uncertain global economy outlook caused by US trade policy and subdued domestic consumer sentiment, the management is cautiously optimistic that the business performance will remain satisfactory in the coming quarter as we are upbeat that the egg demand and price will rebound to cushion the impact from egg cost subsidy removal.