Company: SEAH
Filing Date: 2025-08-29
Form Type: DRS/A
Source: 0001213900-25-082696
Chunk: 67

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-08-29
Form: DRS/A
Chunk 67
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 plant and equipment Our gain from disposal of property, plant and equipment decreased from approximately US$0.43 million for the year ended March 31, 2024 to approximately US$0.17 million for the year ended March 31, 2025. Other income, net Our other income, net increased from approximately US$0.22 million for the year ended March 31, 2024 to approximately US$0.65 million for the year ended March 31, 2025, primarily attributable to the surrender from termination of a life policy of approximately US$0.51million. Financial expenses, net Our financial expenses, net slightly decreased from approximately US$0.13 million for the year ended March 31, 2024 to approximately US$0.12 million for the year ended March 31, 2025, primarily attributable to the depreciation of Japanese Yen (“JPY”) against U.S. dollars (“USD”) in foreign currency translation, which resulted in lower foreign currency translation losses, partially offset by the increase in interest expenses from approximately US$0.06 million for the year ended March 31, 2024 to approximately US$0.07 million for the year ended March 31, 2025. Investment income, net Our investment income, net increased from approximately US$0.14 million for the year ended March 31, 2024 to approximately US$0.32 million for the year ended March 31, 2025, primarily due to fair value changes and realized gains (losses) on short -terminvestments. Income tax (expense) benefit Income tax (expense) benefit increased from income tax benefit of approximately US$0.16 million for the year ended March 31, 2024 to income tax expense of approximately US$0.39 million for the year ended March 31, 2025 mainly due to turnaround from a net loss to net profit, coupled with a decrease in deferred tax benefit. Our effective income tax rate was 24.2% and (34.6)% for the years ended March31, 2025 and 2024, respectively. Impairment of a long-term investment We recognized an impairment loss of approximately US$0.04 million related to a long -terminvestment for the year ended March 31, 2024 primarily due to the investee company’s cessation of operations. Net income (loss) As a result of the foregoing, we recorded a net income of approximately US$1.22