Amounts recognized in profit or loss


	Successor			Successor		Successor			Predecessor
	For the year ended March 31, 2026			For the year ended March 31, 2025		For the period June 16, 2023 through March 31, 2024			For the period April 1 through June 15, 2023
	US$’000			US$’000		US$’000			US$’000
Current Tax Expense
Current period		8,301			12,118		7,382			657
(Over)/under provision in respect of prior year		(3,876	)		902		133			—

Deferred tax expense
Origination and reversal of temporary difference		92			169		1,198			—
Over provision in respect of prior year		—			—		(1,289	)		—
Income tax expenses		4,517			13,189		7,424			657

ii)

Reconciliation of effective tax rate


	Successor						Successor						Predecessor						Predecessor
	For the year ended March 31, 2026						For the year ended March 31, 2025						For the period June 16, 2023 through March 31, 2024						For the period April 1 through June 15, 2023
	%			US$’000			%			US$’000			%			US$’000			%			US$’000
Profit before tax					38,395						60,166						89,512						3,032
Computed tax expense with Singapore statutory tax rate		17.00	%		6,527			17.00	%		10,228			17.00	%		15,218			17.00	%		515
Impact of different tax rate in other jurisdiction*		4.99	%		1,914			3.67	%		2,209			(7.67	)%		(6,865	)		3.59	%		109
Tax effect of unrecognized loss		—			—			—			—			—			—			—			—
Tax adjustment of previous years		(10.10	)%		(3,876	)		1.50	%		902			(1.29	)%		(1,156	)		—			—
Income not subject to tax		—			—			(0.30	)%		(179	)		(0.20	)%		(181	)		—			—
Non-deductible expenses		0.13	%		50			0.17	%		101			0.52	%		468			1.45	%		44
Deferred tax assets not recognized		0.01	%		5			(0.01	)%		(6	)		0.02	%		17			—			—
Others		(0.27	)%		(103	)		(0.11	)%		(66	)		(0.09	)%		(77	)		(0.36	)%		(11	)
Income tax expenses		11.76	%		4,517			21.92	%		13,189			8.29	%		7,424			21.68	%		657

* The tax effect of the bargain purchase gain of $49.4 million recognized for the successor period from June 16, 2023 through March 31, 2024, which was effectively nil as the gain was taxable at 0% tax rate under the Cayman Islands, is recognized under the “impact of different tax rate in other jurisdictions”.

iii)

Deferred tax assets and liabilities


	Successor		Successor
	As of March 31, 2026		As of March 31, 2025
	US$’000		US$’000
Deferred tax assets
Property, plant and equipment		323		457
Provisions		457		70
Employee benefits		—		526
Inventories		—		416
Lease liabilities		1,187		1,367
Other items		158		102
Deferred tax assets		2,125		2,938

Deferred tax liabilities
Right-of-use assets		1,321		1,526
Revaluation of assets in connection to MBO		1,969		2,484
Other items		206		207
Deferred tax liabilities		3,496		4,217

As of March 31, 2026, and 2025, there were no deferred tax assets recognized from the net operating loss carry forwards.

iv)

Movement in deferred tax balances


	Movement in deferred tax liabilities			Movement in deferred tax assets
	US$’000			US$’000
Successor
Balance at June 16, 2023		4,432			3,237
Recognized in profit or loss		(775	)		(603	)
Effect of movement in exchange rates		27			(60	)
Balance at March 31, 2024		3,684			2,574
Recognized in profit or loss		533			364
Balance at March 31, 2025		4,217			2,938
Recognized in profit or loss		(721	)		(813	)
Balance at March 31, 2026		3,496			2,125


	Movement in deferred tax liabilities		Movement in deferred tax assets
	US$’000		US$’000
Predecessor
Balance at April 1, 2023 and June 15, 2023		1,251		3,237

As of March 31, 2026 and 2025, there were no net operating losses carried forward and thus no deferred tax assets are recognized, as investment holding company in Singapore cannot carry forward any unutilized losses to set-off the income of future Years of Assessment.