Company: MAGH
Filing Date: 2025-01-02
Form Type: DRS
Source: 0001493152-25-000010
Chunk: 65

Company: Magnitude International Ltd
Filing Date: 2025-01-02
Form: DRS
Chunk 65
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        |     |   |     |
|                                                              |     |                           2023 |        |     |   |     |     | 2024 |        |     |   |     |
|                                                              |     |                             S$ |        |     | % |     |     |   S$ |        |     | % |     |
| Government grant                                             |     |                                | 54,958 |     |   |  70 |     |      | 10,930 |     |   |  22 |
| Interest income                                              |     |                                |    381 |     |   | *.* |     |      |    149 |     |   | *.* |
| Foreign exchange gain                                        |     |                                |      - |     |   | *.* |     |      |  9,698 |     |   |  19 |
| Fair value changes on financial assets at fair value through 
 profit or loss                                               |     |                                |  5,247 |     |   |   7 |     |      |  7,280 |     |   |  15 |
| Rental income                                                |     |                                |      - |     |   | *.* |     |      | 12,010 |     |   |  24 |
| Sundry income                                                |     |                                | 17,752 |     |   |  23 |     |      |  9,805 |     |   |  20 |
| Total                                                        |     |                                | 78,338 |     |   | 100 |     |      | 49,872 |     |   | 100 |

*.* Not meaningful

Other income primarily consisted of government grants, fair value change on keyman insurance and gain from foreign currency exchange. Other income decreased by S$28,466, or approximately 36.3% from S$78,388 for the financial year ended April 30, 2023 to S$49,872 for the financial year ended April 30, 2024. The decrease was mainly attributable to the reduced government grants received during the financial year ended April 30, 2024, as Singapore Government tapered down the support measures as the country slowly recovers from the financial impact of Covid-19.

| 54 |

Interest Expense

Interest expense primarily consisted of accrued interest from guaranteed bank loans and lease liabilities. Interest expenses increased by S$20,804, or approximately