| Investment in subsidiaries |
10.Investment in subsidiaries Set out below are the summarised financial information for the Group’s subsidiaries, BW LPG India Pte. Ltd. (“BW LPG India”) and BW LPG Product Services Pte. Ltd (“BW Product Services”), which have non-controlling interests that are material to the Group. These are presented before inter-company eliminations. Summarised balance sheet: | | | | | | | | | | | BW LPG India | | BW Product Services | | | 30 June | | 31 December | | 30 June | | 31 December | | | 2026 | | 2025 | | 2026 | | 2025 | | | US$’000 | | US$’000 | | US$’000 | | US$’000 | Assets | | | | | | | | | Current assets | | 99,018 | | 52,901 | | 576,600 | | 283,465 | Includes | | | | | | | | | Cash and cash equivalents | | 43,727 | | 30,821 | | 116,446 | | 39,917 | Non-current assets | | 343,054 | | 355,533 | | 96,381 | | 114,202 | | | | | | | | | | Liabilities | | | | | | | | | Current liabilities | | 33,963 | | 45,446 | | 506,725 | | 282,646 | Includes | | | | | | | | | Borrowings | | 27,953 | | 28,268 | | 189,018 | | 100,649 | Non-current liabilities (Borrowings) | | 166,974 | | 180,217 | | 47,430 | | 62,512 | Net assets | | 241,135 | | 182,771 | | 118,826 | | 52,509 |
10.Investment in subsidiaries (continued) Summarised statement of comprehensive income: | | | | | | | | | | | BW LPG India | | BW Product Services | | | Q2 2026 | | Q2 2025 | | Q2 2026 | | Q2 2025 | | | US$’000 | | US$’000 | | US$’000 | | US$,000 | | | | | | | | | | TCE income – Shipping | | 68,410 | | 30,734 | | — | | — | Revenue from Product Services | | — | | — | | 680,649 | | 821,927 | Cost of cargo and delivery expenses | | — | | — | | (683,480) | | (796,674) | Vessel operating expense | | (7,180) | | (4,982) | | — | | — | Charter hire expense | | (463) | | — | | — | | — | Depreciation and amortisation | | (9,167) | | (7,519) | | (15,250) | | (10,428) | Finance expense – net | | (2,695) | | (958) | | (340) | | 621 | Other expenses – net | | (54) | | (951) | | (20,199) | | (6,391) | Income tax expense | | 937 | | (474) | | 7,764 | | (3,434) | Net profit after tax | | 49,788 | | 15,850 | | (30,856) | | 5,621 | | | | | | | | | | Other comprehensive (loss)/income (currency translation effects) | | — | | — | | (16) | | 85 | Total comprehensive income | | 49,788 | | 15,850 | | (30,872) | | 5,706 | Total comprehensive income/(loss) allocated to non-controlling interests | | 23,699 | | 7,545 | | (5,906) | | 997 |
| | | | | | | | | | | BW LPG India | | BW Product Services | | | H1 2026 | | H1 2025 | | H1 2026 | | H1 2025 | | | US$’000 | | US$’000 | | US$’000 | | US$,000 | TCE income – Shipping | | 97,649 | | 62,417 | | — | | — | Revenue from Product Services | | — | | — | | 1,270,878 | | 1,442,609 | Cost of cargo and delivery expenses | | — | | — | | (1,131,542) | | (1,410,093) | Vessel operating expense | | (12,759) | | (9,855) | | — | | — | Charter hire expense | | (1,773) | | — | | — | | — | Depreciation and amortisation | | (17,403) | | (15,837) | | (30,620) | | (21,328) | Gain on disposal of vessels | | — | | 32,051 | | — | | — | Finance expense – net | | (5,384) | | (2,298) | | (453) | | 544 | Other expenses – net | | (2,448) | | (2,527) | | (25,107) | | (15,013) | Income tax expense | | 897 | | (547) | | (16,127) | | (3,551) | Net profit after tax | | 58,779 | | 63,404 | | 67,029 | | (6,832) | | | | | | | | | | Other comprehensive income (currency translation effects) | | — | | — | | (710) | | 1,281 | Total comprehensive income/(loss) | | 58,779 | | 63,404 | | 66,319 | | (5,551) | Total comprehensive income/(loss) allocated to non-controlling interests | | 27,979 | | 30,180 | | 12,739 | | (939) |
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