MOUNTING LOSSES
The True Singapore Group recorded revenue of about HK$181.2 million (US$23.1 million) and a loss of about HK$34.3 million for the year ended Dec 31, 2025.
At the end of 2025, it had total assets of about HK$149.7 million and liabilities of about HK$555.5 million.
Unaudited management accounts showed that the business recorded revenue of about HK$118.4 million and a loss of HK$19.1 million in the first eight months of this year.
As of Aug 31, its assets stood at about HK$204.5 million, with total liabilities of about HK$633.8 million, leaving it with net liabilities of about HK$429.3 million.
Kontafarma said the fitness business of the group in Singapore faces multiple challenges, including but not limited to the “increasingly fierce” market competition and rising costs in attracting customers.
Despite cash funding from the parent company, the Singapore operations continued to underperform and faced significant liquidity pressure.
Kontafarma said the challenges faced by the True Singapore Group are “unprecedented”.
It said the growing popularity of boutique gyms had intensified competition, while gyms in condominiums and residential developments have also reduced some consumers’ need for external gym memberships.
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