Company: MAGH
Filing Date: 2025-06-25
Form Type: F-1/A
Source: 0001641172-25-016431
Chunk: 69

Company: Magnitude International Ltd
Filing Date: 2025-06-25
Form: F-1/A
Chunk 69
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| Sundry income                                                |     |                                 | 17,752 |     |   |  22.6 |     |      |  9,805 |     |   |  19.7 |
| Total                                                        |     |                                 | 78,338 |     |   | 100.0 |     |      | 49,872 |     |   | 100.0 |

Other income primarily consisted of government grants, fair value change on keyman life 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.

| 51 |

Income Tax Expense

The provisions for income taxes were S$116,373 and S$87,888 for the financial years ended April 30, 2023 and April 30, 2024, respectively. The effective tax rate, calculated as income tax divided by profit before income tax was approximately 4.6% for the financial year ended April 30, 2023 and approximately 0.8% for the financial year ended April 30, 2024 which were low compared to the statutory tax rate of 17%, mainly due to the utilization of prior years’ unutilized capital allowance and trade losses.

Net Profit After Income Tax

As a result of the foregoing, our net profit after income tax amounted to S$783,735 and S$2,007,469 for the twelve months ended April 30, 2023 and 2024, respectively.

Comparison for the Six Months Ended October 31,2023 and 2024

The following table sets forth a summary of our consolidated results of operations for the periods indicated:

|                                     |     | For the Six Months 
  Ended October 31, |             |   |     |      |            |   |
|                                     |     |               2023 |             |   |     | 2024 |            |   |
|                                     |     |                 S$ |             |   |     |   S$ |            |   |
| Revenue                             |