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TRI-MODE SYSTEM (M) BERHAD — Interim / Quarterly Report 2026
May 21, 2026
71739_rns_2026-05-21_25693126-8f23-4a86-a279-a5e63f70f12e.pdf
Interim / Quarterly Report
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (1)
| 3-MONTH ENDED | YEAR-TO-DATE | |||
|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |
| RM'000 | RM'000 | RM'000 | RM'000 | |
| Revenue | 17,557 | 19,250 | 17,557 | 19,250 |
| Cost of sales | (12,860) | (14,213) | (12,860) | (14,213) |
| Gross Profit (“GP”) | 4,697 | 5,037 | 4,697 | 5,037 |
| Other income | 99 | 142 | 99 | 142 |
| Administrative expenses | (3,826) | (4,234) | (3,826) | (4,234) |
| (Loss)/Gain on impairment of financial instruments | 8 | 13 | 8 | 13 |
| Finance costs | (626) | (712) | (626) | (712) |
| Share of results of associates | 70 | 56 | 70 | 56 |
| Profit before taxation (“PBT”) | 422 | 302 | 422 | 302 |
| Taxation | (246) | (139) | (246) | (139) |
| Profit after taxation (“PAT”) | 176 | 163 | 176 | 163 |
| Other comprehensive income | ||||
| Share of other comprehensive income in associate | - | - | - | - |
| Total comprehensive income | 176 | 163 | 176 | 163 |
| Profit for the year attributable to: | ||||
| - Owners of the Company | 176 | 163 | 176 | 163 |
| - Non-controlling interests | - | - | - | - |
| 176 | 163 | 176 | 163 | |
| Total comprehensive income attributable to: | ||||
| - Owners of the Company | 176 | 163 | 176 | 163 |
| - Non-controlling interests | - | - | - | - |
| 176 | 163 | 176 | 163 | |
| Weighted average number of ordinary shares (‘000) | 166,000 | 166,000 | 166,000 | 166,000 |
| Earnings per share attributable to owners of the Company (sen): | ||||
| - Basic (3) | 0.11 | 0.10 | 0.11 | 0.10 |
| - Diluted (4) | 0.11 | 0.10 | 0.11 | 0.10 |
TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (1) (CONT'D)
Notes:
(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income are disclosed in Note A1 and should be read in conjunction with the audited financial statements of Tri-Mode System (M) Berhad ("Tri-Mode" or "Company") and its subsidiaries ("Group") for financial year ended 31 December 2025 and the accompanying explanatory notes attached to this interim financial report.
(2) Basic earnings per share of the Group for the quarter and year-to-date is calculated based on weighted average number of ordinary shares of 166,000,000.
(3) Diluted earnings per share of the Group for the quarter and year-to-date is equivalent to the basic earnings per share as the Group has no dilution in its earnings per shares as there is no dilutive potential shares.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (1)
| | Unaudited
As at
31.03.2026 | Audited
As at
31.12.2025 |
| --- | --- | --- |
| ASSETS | RM'000 | RM'000 |
| Non- current assets | | |
| Property, plant and equipment ("PPE") | 22,382 | 23,169 |
| Right-of-use assets ("ROU") | 95,953 | 96,163 |
| Investment in property | 2,638 | 2,645 |
| Other investments | 175 | 175 |
| Investment in associates | 6,915 | 6,991 |
| | 128,063 | 129,143 |
| Current assets | | |
| Inventories | 103 | 119 |
| Trade receivables | 11,523 | 14,551 |
| Other receivables | 34,180 | 34,218 |
| Tax recoverable | 1,076 | 1,819 |
| Other investments | 62 | 62 |
| Fixed deposits with licensed banks | 4,033 | 4,553 |
| Cash and bank balances | 5,761 | 3,172 |
| | 56,738 | 58,494 |
| TOTAL ASSETS | 184,801 | 187,637 |
| EQUITY AND LIABILITIES | | |
| Equity | | |
| Share capital | 47,503 | 47,503 |
| Acquisition reserves | (5,604) | (5,604) |
| Retained earnings | 53,152 | 52,976 |
| Total Equity | 95,051 | 94,875 |
| Liabilities | | |
| Non-current liabilities | | |
| Bank borrowings | 67,333 | 67,813 |
| Lease liabilities | 1,375 | 1,392 |
| Deferred tax liabilities | 5,676 | 5,564 |
| | 74,384 | 74,769 |
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (1) (CONT'D)
| | Unaudited
As at
31.03.2026 | Audited
As at
31.12.2025 |
| --- | --- | --- |
| | RM'000 | RM'000 |
| Current liabilities | | |
| Trade payables | 4,267 | 4,365 |
| Other payables | 3,325 | 5,339 |
| Amount due to associates | 2,328 | 2,705 |
| Lease liabilities | 1,176 | 1,000 |
| Bank borrowings | 4,191 | 4,510 |
| Tax payable | 79 | 74 |
| | 15,366 | 17,993 |
| Total liabilities | 89,750 | 92,637 |
| TOTAL EQUITY AND LIABILITIES | 184,801 | 187,637 |
| NET ASSETS PER SHARE (RM) | 0.57 | 0.57 |
| Number of ordinary shares ('000) | 166,000 | 166,000 |
Note:
(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Financial Position are disclosed in Note A1 and should be read in conjunction with the audited financial statements of the Group for financial year ended 31 December 2025 and the accompanying explanatory notes attached to this interim financial report.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (1)
| Non-distributable | Distributable | ||||
|---|---|---|---|---|---|
| Share capital | Acquisition reserves | Fair value reserve | Retained earnings | Total Equity | |
| RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
| Opening balance at 1 January 2026 | 47,503 | (5,532) | (72) | 52,976 | 94,875 |
| Profit for the period | - | - | - | 176 | 176 |
| Transactions with owners: | |||||
| Dividend to owners of the Company | - | - | - | - | - |
| Balance at 31 March 2026 | 47,503 | (5,532) | (72) | 53,152 | 95,051 |
| Opening balance at 1 January 2025 | 47,503 | (5,532) | (16) | 51,672 | 93,627 |
| Profit for the year | - | - | - | 1,802 | 1,802 |
| Foreign exchange reserve | - | - | (56) | - | (56) |
| Other comprehensive income for the year | - | - | - | - | - |
| - | - | (72) | 53,474 | 95,373 | |
| Transactions with owners: | |||||
| Dividends to owners of the Company | - | - | - | (498) | (498) |
| Balance at 31 December 2025 | 47,503 | (5,532) | (72) | 52,976 | 94,875 |
Note:
(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Changes in Equity are disclosed in Note A1 and should be read in conjunction with the audited financial statements of the Group for financial year ended 31 December 2025 and the accompanying explanatory notes attached to this interim financial report.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (1)
| PERIOD-TO-DATE | ||
|---|---|---|
| 31.03.2026 | 31.03.2025 | |
| Operating Activities | RM'000 | RM'000 |
| Profit before tax | 422 | 302 |
| Adjustments for: | ||
| Depreciation of PPE | 788 | 899 |
| Depreciation of ROU | 695 | 653 |
| Provision for expected credit losses | 7 | 7 |
| Impairment losses on PPE | - | - |
| Loss/(gain) on disposal of PPE | - | 9 |
| Gain on disposal of ROU | - | - |
| Impairment loss/(gain) on trade receivables | (8) | (13) |
| Lease liability interest | 10 | - |
| Interest expenses | 626 | 712 |
| Interest income | (49) | (43) |
| Share of results of associates | (70) | (56) |
| Unrealised (gain)/loss on foreign exchange | 41 | (13) |
| Operating profit before working capital changes | 2,462 | 2,457 |
| Changes in working capital | ||
| Inventories | 17 | (10) |
| Receivables | 3,042 | 1,338 |
| Payables | (2,087) | (1,298) |
| Associates | (378) | (719) |
| 594 | (689) | |
| Cash generated from operations | 3,056 | 1,768 |
| Interest paid | (626) | (712) |
| Lease liability interest | (10) | - |
| Interest received | 49 | 43 |
| Tax paid | (161) | (257) |
| Tax refund | 776 | - |
| Net Cash flows from operating activities | 3,084 | 842 |
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
UNAUDITED CONDESED CONSOLIDATED STATEMENT OF CASH FLOWS (1) (CONT'D)
| YEAR-TO-DATE | ||
|---|---|---|
| 31.03.2026 | 31.03.2025 | |
| Investing Activities | RM'000 | RM'000 |
| Dividends received | 147 | 147 |
| Acquisition of associate | - | - |
| Short-term investment | - | - |
| Purchase of PPE | - | (2) |
| Purchase of ROU | (486) | - |
| Proceeds from disposal of ROU | - | (596) |
| Proceeds from disposal of PPE | - | 152 |
| Net Cash flows from/(used in) investing activities | (339) | (299) |
| Financing Activities | ||
| Dividends paid | - | - |
| Drawdown of term loan | - | - |
| Repayment of term loan | (799) | (1,315) |
| Net changes of revolving credit | - | (3,000) |
| Repayment of lease liabilities | 160 | 267 |
| Increase in fixed deposits | (7) | 956 |
| Net Cash flows used in financing activities | (646) | (3,092) |
| Net increase/(decrease) in cash and cash equivalents | 2,099 | (2,549) |
| Effect of exchange translation differences on cash & cash equivalents | (36) | (5) |
| Cash and cash equivalents at the beginning of the year | 5,205 | 6,830 |
| Cash and cash equivalents at the end of the year | 7,268 | 4,276 |
| Cash and Cash Equivalents at the end of the year: | ||
| Cash and bank balances | 5,761 | 1,886 |
| Fixed deposits with licensed banks | 4,033 | 3,899 |
| Bank overdraft | - | - |
| 9,794 | 5,785 | |
| Less: Fixed deposits pledged with licensed banks | (1,541) | (1,509) |
| Less: Fixed deposits not for short-term fundings requirements | (985) | - |
| 7,268 | 4,276 |
Note:
(1) The basis of preparation of the Unaudited Condensed Consolidated Statement of Cash Flows are disclosed in Note A1 and should be read in conjunction with the audited financial statements of the Group for financial year ended 31 December 2025 and the accompanying explanatory notes attached to this interim financial report.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
NOTES TO THE INTERIM FINANCIAL REPORT
A. EXPLANATORY NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2026
A1. Basis of preparation
The interim financial report of the Group are unaudited and have been prepared in accordance with the requirements of Malaysian Financial Reporting Standards ("MFRS") No. 134: Interim Financial Reporting, Rule 9.22 and Appendix 9B of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements").
The interim financial statements should be read in conjunction with the audited financial statements of the Group for financial year ended 31 December 2024 and the accompanying explanatory notes attached to this interim financial report.
A2. Significant Accounting Policies
The financial information presented herein has been prepared in accordance with the accounting policies to be used in preparing the annual consolidated financial statements for 31 December 2026 under the MFRS framework. These policies do not differ significantly from those used in the audited consolidated financial statements for 31 December 2025 except as disclosed below:
The following revised MFRSs and Amendments to MFRSs that effective from 1 January 2026 have been issued by the MASB:
(i) Amendments to MFRS 9 and MFRS 7: Amendments to the Classification and Measurements of Financial Instruments
(ii) Annual Improvements to MFRS Accounting Standards -Volume 11:
- Amendments to MFRS 1
- Amendments to MFRS 7
- Amendments to MFRS 9
- Amendments to MFRS 10
- Amendments to MFRS 107
(iii) Amendments to MFRS 9 and MFRS 7: Contracts Referencing Nature-dependent Electricity
The adoption of the above pronouncements has no material financial impact to the Group and the Company.
A3. Auditors' report
The auditors' report on the preceding year audited financial statements was not subject to any qualification.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
A4. Seasonal or cyclical factors
We experience sales fluctuations in our business during festive periods such as Hari Raya, Chinese New Year and long public holidays as there are lesser working days compared to the normal month with normal working days.
A5. Unusual items affecting assets, liabilities, equity, net income or cash flows
There were no unusual items affecting assets, liabilities, equity, net income or cash flows of the Group during the current financial quarter under review.
A6. Material changes in estimates
There were no material changes in the estimates in the current financial quarter under review.
A7. Debt and equity securities
There were no issuances, cancellations, repurchases, resale and repayment of debts and equity securities during the financial quarter under review.
A8. Dividends paid
There are no dividend paid during the financial quarter under review.
A9. Contingent liabilities or contingent assets
There were no other contingent liabilities or contingent assets as at the date of this interim financial report.
A10. Changes in the composition of the Group
There were no changes in the composition of the Group for the current financial quarter under review.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
A11. Segmental reporting
The Group is principally involved in the provision of sea freight, container haulage, air freight, freight forwarding, warehousing and marine insurance services.
(a) Revenue by business activities
The table below set out the breakdown of the Group's revenue by business activities for the financial quarter under review:
| 3-MONTH ENDED | YEAR-TO-DATE | |||||
|---|---|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |||
| RM'000 | RM'000 | RM'000 | % | RM'000 | % | |
| Sea freight | 10,042 | 11,067 | 10,042 | 57.2 | 11,067 | 57.5 |
| Container haulage | 4,939 | 5,368 | 4,939 | 28.1 | 5,368 | 27.9 |
| Warehousing | 1,583 | 1,948 | 1,583 | 9.0 | 1,948 | 10.1 |
| Freight forwarding | 513 | 383 | 513 | 2.9 | 383 | 2.0 |
| Air freight | 400 | 414 | 400 | 2.3 | 414 | 2.2 |
| Marine insurance | 80 | 70 | 80 | 0.5 | 70 | 0.4 |
| Total Revenue | 17,557 | 19,250 | 17,557 | 100 | 19,250 | 100 |
Sea freight, container haulage and warehousing segment are the top 3 revenue contributors under the financial year under review. The factors affecting our top 3 key revenue contributors are as follows:
(i) fluctuation in sea freight rate; and
(ii) fluctuation in fuel price;
(b) Revenue by geographical regions
The table below set out the breakdown of the Group's revenue by geographical regions for the financial period under review:
| 3-MONTH ENDED | YEAR-TO-DATE | |||||
|---|---|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |||
| RM'000 | RM'000 | RM'000 | % | RM'000 | % | |
| Malaysia | 16,496 | 17,745 | 16,496 | 94.0 | 17,745 | 92.2 |
| Overseas | 1,061 | 1,505 | 1,061 | 6.0 | 1,505 | 7.8 |
| Total Revenue | 17,557 | 19,250 | 17,557 | 100 | 19,250 | 100 |
A12. Valuation of property, plant and equipment
The Group has not carried out any valuation on its property, plant and equipment in the current financial quarter under review.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
A13. Material events subsequent to the end of the current financial quarter
There was no subsequent material event as at the date of this report.
A14. Related Party Transactions
Related party transactions have been entered into in the normal course of business and have been established on terms and conditions that are not more favourable to the related parties.
Transaction with companies in which certain Directors have financial interests
| 3-MONTH ENDED | YEAR-TO-DATE | |||
|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |
| RM'000 | RM'000 | RM'000 | RM'000 | |
| (a) PT. Oriental Logistics Indonesia | ||||
| Trade receivable | 3 | 7 | 3 | 7 |
| Trade payable | - | - | - | - |
| Net amount payable/(receivable) | (3) | (7) | (3) | (7) |
| Services income | 3 | 1 | 3 | 1 |
| Services expenses | - | - | - | - |
| (b) Oriental Logistics Group Inc. | ||||
| Trade receivable | 4 | - | 4 | - |
| Trade payable | - | - | - | - |
| Net amount payable/(receivable) | (4) | - | (4) | - |
| Services income | 4 | - | 4 | - |
| Services expenses | - | - | - | - |
Transaction with associated companies
| Transaction with associates | 3-MONTH ENDED | YEAR-TO-DATE | ||
|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |
| RM'000 | RM'000 | RM'000 | RM'000 | |
| (a) Atama Logistics (M) Sdn Bhd | ||||
| Trade receivable | 766 | 1,256 | 766 | 1,256 |
| Trade payable | 3,094 | 4,190 | 3,094 | 4,190 |
| Net amount payable/(receivable) | 2,328 | 2,934 | 2,328 | 2,934 |
| Services income | 822 | 1,838 | 822 | 1,838 |
| Services expenses | 1,181 | 3,013 | 1,181 | 3,013 |
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
(b) Container Connections (M) Sdn Bhd
| Trade receivable | - | - | - | - |
|---|---|---|---|---|
| Trade payable | 3 | - | 3 | - |
| Net amount payable/(receivable) | 3 | - | 3 | - |
| Services income | - | - | - | - |
| Services expenses | 25 | 25 | 25 | 25 |
A15. Capital commitments
Save for the acquisition of 3 parcels of leasehold industrial lands of approximately 12.85 acres that announced in 31 January 2024, there were no material capital commitments during the quarter under review. The progress claims of the above acquisition will be financed by secured bank term loan. During the quarter under review, the development progress has reached 70% completion.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
PART B. EXPLANATORY NOTES PURSUANT TO APPENDIX 9B OF THE LISTING REQUIREMENTS
B1. Review of Performance
| (Unaudited) | 3-MONTH ENDED | CHANGE | YEAR-TO-DATE | CHANGE | ||||
|---|---|---|---|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |||||
| RM'000 | RM'000 | RM'000 | % | RM'000 | RM'000 | RM'000 | % | |
| Revenue | 17,557 | 19,250 | (1,693) | (8.79) | 17,557 | 19,250 | (1,693) | (8.79) |
| GP | 4,697 | 5,037 | (340) | (6.75) | 4,697 | 5,037 | (340) | (6.75) |
| GP % | 26.75% | 26.17% | 0.59 | 26.75% | 26.17% | 0.59 | ||
| EBITDA(1) | 2,482 | 2,523 | (41) | (1.63) | 2,482 | 2,523 | (41) | (1.63) |
| EBITDA % | 14.14% | 13.11% | 1.03 | 14.14% | 13.11% | 1.03 | ||
| PBT | 422 | 302 | 120 | 39.74 | 422 | 302 | 120 | 39.74 |
| PBT % | 2.40% | 1.57% | 0.83 | 2.40% | 1.57% | 0.83 | ||
| PAT | 176 | 163 | 13 | 7.98 | 176 | 163 | 13 | 7.98 |
| PAT % | 1.00% | 0.85% | 0.16 | 1.00% | 0.85% | 0.16 |
Notes:
(1) Earnings before interest tax depreciation and amortisation ("EBITDA")
The Group recorded revenue of RM17.56 million for the current financial quarter ended 31 March 2026, reduced by 8.79% as compared to previous year corresponding quarter of RM19.25 million, mainly due to two major public holiday during 1Q26. Main revenue contributed from sea freight, haulage and warehousing segments as stated in note A11. GP margin maintained at 26% level, PBT increased by 39.74% from RM0.30 million to RM0.42 million, whereas PAT increased by 7.98% from RM0.16 million to RM0.18 million.
Overall, the Group managed to sustain its revenue and improve its profitability for current financial quarter ended 31 March 2026.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
B2. Comparison with immediate preceding quarter's results
| 3-MONTH ENDED | CHANGE | |||
|---|---|---|---|---|
| 31.03.2026 | 31.12.2025 | |||
| (Unaudited) | RM'000 | RM'000 | RM'000 | % |
| Revenue | 17,557 | 20,622 | (3,065) | (14.86) |
| PBT | 422 | 1,203 | (781) | (64.92) |
For the current quarter ended 31 March 2026, the Group's revenue decreased by 14.86% from RM20.62 million to RM17.56 million mainly due to seasonal factors as note A4. PBT reduced by 64.92% from RM1.20 million to RM0.42 million as compared to immediate preceding quarter ended 31 December 2025 mainly due to year end adjustment during 4Q25.
B3. Prospects
In April 2026, the International Monetary Fund ("IMF") in its World Economic Outlook report lower its estimated 2026 global domestic product ("GDP") growth from 3.30% to 3.10%. The projection reflecting the escalation of energy prices, supply disruptions and geopolitical tension and high levels of uncertainty of duration of the conflicts in West Asia. If the conflicts intensify, growth could slow to 2.5% or lower in 2026.
The IMF also raised Malaysia projected GDP growth from 4.3% to 4.7% underpinned by robust domestic fundamentals and diversified export base that serve as an economic cushion. In May 2026, Bank Negara Malaysia ("BNM") reported first quarter GDP growth at 5.40% (4Q2025:6.3%), driven by strong domestic demand, robust electrical and electronics ("E&E") exports and investments. Meanwhile, BNM indicated that GDP growth in 2026 to be at the range of 4.0%-5.0% due to uncertainty of global economy activity at the current stage.
The prospects of Malaysia logistics industry are closely aligned with the performance of global and Malaysia economy. Tri-Mode recognised the current unfavourable development of global economy and uncertainty of geopolitical tension effect on national economy. Notwithstanding the disruptions of the global trade tension impacts, our Group managed to maintain its revenue level and profitability during the first quarter of 2026 and we are expected to face a more cautious operating landscape during the year of 2026.
The Group remains focus on long-term growth strategies, despite the downside risks include higher operating costs due to inflationary pressure, government policy adjustments and uncertainty of global trade policies. The Group will continue to focus on cost management, services improvement and strategic capacity expansion to sustain our long-term value creation to our shareholders.
In line with our Group expansion pipe line, we are expecting our purchased 3 parcels of leasehold lands of approximately 12.85 acres which reached 70% development progress will be deliver vacant possession during 4Q26. The Group intended to further expand the lands into logistics related services in the next 1 to 2 years.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
Barring any unforeseen circumstances, the Board is of the opinion that the prospects for the financial year ending 31 December 2026 will be challenging in view of unfavourable global economy growth. Nevertheless, the Group will be cautiously monitoring the development of global supply disruptions and continue to seek opportunities in both the domestic and international markets to deliver sustainable growth in the long term.
B4. Profit Forecast or Profit Guarantee
The Company did not issue any profit forecast or profit guarantee during the current financial quarter under review.
B5. Taxation
| 3-MONTH ENDED | YEAR-TO-DATE | |||
|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |
| RM'000 | RM'000 | RM'000 | RM'000 | |
| Current financial year: | ||||
| Income tax | 133 | 146 | 133 | 146 |
| Real property gain tax | - | - | - | - |
| Deferred tax | 113 | (8) | 113 | (8) |
| 246 | 138 | 246 | 138 | |
| Previous year provision: | ||||
| Income tax | - | - | - | - |
| Deferred tax | - | - | - | - |
| Total tax expense | 246 | 138 | 246 | 138 |
| Effective tax rate | 58.29% | 45.70% | 58.29% | 45.70% |
Effective tax rate at approximately 58.29% for the year to date ended 31 March 2026. Higher effective tax rate due to lower PBT with high non-claimable provision of depreciation on assets and ROU. The tax rate shall normalise on yearly basis.
Note:
(1) Income tax expense is recognised based on management's best estimate and subject to inland revenue department's verification.
B6. Corporate Proposals
There are no corporate proposals announced by the Company during the current financial quarter under review.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
B7. Trade Receivables
The Group grant credit on various terms. Trade receivables disclosed below include amounts which are past due at the end of reporting period but has not recognised as receivables subject to impairment as there has not been a significant change in credit quality and still considered recoverable by the management.
| YEAR-TO-DATE | ||||||
|---|---|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | |||||
| Non-RPT^{(1)} | RPT^{(1)} | Total | Non-RPT^{(1)} | RPT^{(1)} | Total | |
| RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
| Less than 1 month | 5,692 | 2 | 5,694 | 6,158 | - | 6,158 |
| 1 month | 3,866 | 3 | 3,869 | 4,601 | 1 | 4,602 |
| 2 months | 1,233 | 2 | 1,235 | 1,759 | - | 1,759 |
| 3 months | 497 | - | 497 | 292 | - | 292 |
| More than 3 months | 228 | - | 228 | 165 | 6 | 171 |
| Trade Receivables | 11,516 | 7 | 11,523 | 12,975 | 7 | 12,982 |
Note: RPT – Related party transactions as per note A14.
B8. Bank borrowings
The Group's bank borrowings were as follows:
| AS AT | AS AT | |
|---|---|---|
| Secured: | 31.03.2026 | 31.03.2025 |
| Current: | RM'000 | RM'000 |
| Bank borrowings: overdraft | - | - |
| Bank borrowings: revolving credit | - | - |
| Bank borrowings: term loan | 4,191 | 4,030 |
| Lease liabilities | 1,176 | 1,075 |
| 5,367 | 5,105 | |
| Non-current: | ||
| Bank borrowing: term loans | 67,333 | 56,417 |
| Lease liabilities | 1,375 | 94 |
| 68,708 | 56,511 | |
| Total bank borrowings & leases liabilities | 74,075 | 61,616 |
The weighted average interest rate of bank borrowings is 4.95% p.a. All the lease liabilities are based on fixed rate while term loans and revolving credit are based on floating rate.
All the Company's borrowings are denominated in Ringgit Malaysia.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
B9. Material litigation
There were no material litigation involving the Group as at the date of this report.
B10. Dividend proposed
The Board does not recommend any dividend in respect of the current financial period.
B11. Earnings per share
The basic earnings per share are calculated by dividing the profit for the year attributable to owners of the Company by weighted average number of ordinary shares of the Company during the financial year as follows:
| 3-MONTH ENDED | PERIOD-TO-DATE | ||||
|---|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | ||
| Profit attributable to ordinary owners of the Company | (RM'000) | 176 | 163 | 176 | 163 |
| Weighted average number of ordinary shares (1) | ('000) | 166,000 | 166,000 | 166,000 | 166,000 |
| Basic earnings per share (1) | (Sen) | 0.11 | 0.10 | 0.11 | 0.10 |
| Diluted earnings per share (2) | (Sen) | 0.11 | 0.10 | 0.11 | 0.10 |
Notes:
(1) Basic earnings per share of the Group for the quarter and year-to-date is calculated based on weighted average number of ordinary shares of 166,000,000.
(2) Diluted earnings per share of the Group for the quarter and year-to-date is equivalent to the basic earnings per share as the Group has no dilution in its earnings per shares as there is no dilutive potential shares.
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TRI-MODE SYSTEM (M) BERHAD
Registration No.: 199101018953 (229265-X)
(Incorporated in Malaysia)
INTERIM FINANCIAL REPORT FOR THE FIRST (1ST) QUARTER ENDED 31 MARCH 2026
B12. Disclosure on selected expense/income items as required by the Listing Requirements
| 3-MONTH ENDED | YEAR-TO-DATE | |||
|---|---|---|---|---|
| 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | |
| RM'000 | RM'000 | RM'000 | RM'000 | |
| Profit before taxation is arrived at after charging/(crediting) :- | ||||
| Interest income | (49) | (43) | (49) | (43) |
| Finance costs | 626 | 712 | 626 | 712 |
| Depreciation of PPE | 788 | 899 | 788 | 899 |
| Depreciation of ROU | 695 | 653 | 695 | 653 |
| Impairment loss on trade receivables | - | - | - | - |
| Gain on disposal of ROU | - | - | - | - |
| Loss /(gain) on disposal of PPE | - | 9 | - | 9 |
| Foreign exchange – unrealised (gain) / loss | 8 | (13) | 8 | (13) |
Other disclosure items pursuant to Appendix 9B Note 16 of the Listing Requirements are not applicable.
BY ORDER OF THE BOARD
Company Secretary
Date: 22 May 2026
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