Financial Performance - For the six months ended August 31, 2020, the company reported revenue of 6,300 thousand SGD, a decrease of 76.7% compared to 27,063 thousand SGD in the same period of 2019[7] - The gross profit for the same period was 79 thousand SGD, down from 7,609 thousand SGD in 2019, indicating a significant decline in profitability[7] - The company recorded a loss of 4,375 thousand SGD for the period, compared to a profit of 3,011 thousand SGD in the previous year, reflecting a negative shift in financial performance[7] - Total comprehensive income for the period was a loss of 4,692 thousand SGD, contrasting with a total comprehensive income of 3,012 thousand SGD in 2019[7] - For the six months ended August 31, 2020, the company reported a total comprehensive income of (4,692) thousand SGD, compared to (3,012) thousand SGD for the same period in 2019, indicating a decline of approximately 55.8%[12] - The company experienced a loss of (4,375) thousand SGD in other comprehensive income for the six months ended August 31, 2020, compared to a gain of 3,011 thousand SGD in the same period of 2019, marking a shift of approximately 245.1%[12] - The group reported a net loss before tax of 12 thousand SGD for the six months ended August 31, 2020, compared to a profit before tax of 746 thousand SGD in the same period of 2019[57] - The company reported a loss of approximately SGD 4.4 million for the period, a decrease of SGD 7.4 million compared to a profit of SGD 3.0 million in the previous year[154] Assets and Liabilities - Non-current assets decreased to 14,496 thousand SGD as of August 31, 2020, from 14,663 thousand SGD as of February 29, 2020[10] - Current assets dropped significantly to 35,374 thousand SGD from 44,432 thousand SGD, indicating a liquidity challenge[10] - Total assets decreased to 49,870 thousand SGD from 59,095 thousand SGD, reflecting a reduction in the company's overall asset base[10] - Total liabilities were reported at 7,401 thousand SGD, down from 11,934 thousand SGD, showing a decrease in financial obligations[10] - The company's equity attributable to owners of the parent decreased to 42,469 thousand SGD from 47,161 thousand SGD, indicating a decline in shareholder value[10] - The company’s total assets as of August 31, 2020, were reported at 42,469 thousand SGD, down from 47,161 thousand SGD as of February 29, 2020, indicating a decrease of about 9.9%[12] Cash Flow and Liquidity - The company's operating cash flow for the six months ended August 31, 2020, was (2,063) thousand SGD, an improvement from (2,839) thousand SGD in the previous year, reflecting a decrease in cash outflow of about 27.3%[15] - As of August 31, 2020, the company had cash and cash equivalents of 27,628 thousand SGD, a significant increase from 6,046 thousand SGD at the end of the previous year, representing a growth of approximately 356.5%[15] - The group reported cash and cash equivalents of 27,628 thousand SGD as of August 31, 2020, down from 30,088 thousand SGD as of February 29, 2020, a decrease of about 8.2%[100] Revenue and Income Sources - Other income for the six months ended August 31, 2020, totaled 2,040 thousand SGD, significantly up from 764 thousand SGD in 2019, driven by government grants of 1,422 thousand SGD compared to 62 thousand SGD in 2019[40] - Major customers contributing 10% or more to the group's revenue include Customer Group B with revenue of 3,629 thousand SGD in 2020, down from 6,413 thousand SGD in 2019, and Customer N with 1,328 thousand SGD in 2020, down from 9,940 thousand SGD in 2019[29] - The total expected revenue from customer contracts is 68,740 thousand SGD, down from 113,798 thousand SGD in 2019, indicating a decline in future revenue expectations[35] Operational Changes and Strategic Focus - The company has not provided specific guidance for future performance or strategic initiatives during this reporting period[7] - The company has not reported any new product launches or technological advancements during this period, focusing instead on operational efficiency and cash flow management[18] - The company continues to explore market expansion opportunities, particularly in structural engineering and construction services, to enhance its competitive position[19] Shareholder Information - The basic loss per share for the six months ended August 31, 2020, was SGD 4,692,000, compared to a profit of SGD 3,012,000 in 2019, with the weighted average number of shares increasing from 1,050,000,000 to 1,400,000,000[67] - The company did not declare any dividends for the six months ended August 31, 2020, nor for the same period in 2019[143] - The total issued shares as of February 29, 2020, were 1,400,000,000, with a par value of 0.0001 USD per share, following a restructuring and capital increase[115] Management and Governance - The company has complied with the corporate governance code, except for the combined roles of the Chairman and CEO held by Mr. Xu Xuping[185] - The audit committee has reviewed the unaudited interim results for the six months ended August 31, 2020, and found no disagreements with the accounting standards and policies adopted by the company[188] - The management has adopted a policy to hire foreign workers from multiple countries to mitigate potential shortages due to regulatory changes[168] Market and Economic Conditions - The board continues to assess the impact of the COVID-19 pandemic on the group's operations and financial performance, with evaluations ongoing[169]

Company Overview - CTR Holdings Limited successfully listed on the Hong Kong Stock Exchange on January 15, 2020, marking a significant milestone for the company[8]. - As of February 29, 2020, the company had 12 projects on hand with a total contract value of approximately SGD 194.0 million, of which SGD 87.7 million has been recognized as revenue[12]. Financial Performance - The group's revenue increased by approximately 1.2 million SGD or 1.9% to about 65.6 million SGD for the fiscal year ended February 29, 2020, compared to approximately 64.4 million SGD for the previous fiscal year[16]. - Construction costs decreased by approximately 1.6 million SGD or 3.5% to about 46.1 million SGD for the fiscal year ended February 29, 2020, from about 47.7 million SGD in the previous fiscal year[17]. - Gross profit increased by approximately 2.9 million SGD or 17.5% to about 19.5 million SGD for the fiscal year ended February 29, 2020, compared to approximately 16.6 million SGD for the previous fiscal year[18]. - Administrative expenses rose by approximately 1.5 million SGD or 15.4% to about 11.3 million SGD for the fiscal year ended February 29, 2020, from about 9.8 million SGD in the previous fiscal year[20]. - The net profit for the fiscal year ended February 29, 2020, was approximately 7.4 million SGD, an increase of about 0.9 million SGD or 13.4% from approximately 6.5 million SGD in the previous fiscal year[24]. - Cash and cash equivalents increased by 222.9% to approximately 30.1 million SGD as of February 29, 2020, from about 9.3 million SGD as of February 28, 2019, primarily due to proceeds from the IPO[25]. Market Conditions - The construction industry in Singapore contracted by 4.3% year-on-year in Q1 2020, reflecting the impact of COVID-19[13]. - Construction activities were suspended from April 7 to June 1, 2020, due to government measures, affecting project timelines and incurring ongoing costs for the company[13]. - The board anticipates that two projects will gradually resume work in July 2020[13]. - The company plans to bid for five large projects starting from the end of 2020, expected to last between three to ten years, to strengthen its revenue sources[14]. - The company aims to adopt more competitive pricing strategies to secure new projects and enhance its financial position[14]. - The company is focused on expanding its market share in the local market by taking on more large-scale projects[14]. Governance and Management - The company emphasizes the importance of independent opinions from its non-executive directors in its governance structure[50]. - The management team has a diverse background in engineering, finance, and project management, enhancing the company's operational capabilities[59]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance and enhancing shareholder value[70]. - The board of directors is responsible for formulating company policies and business strategies, overseeing financial performance, and ensuring effective project management from inception to completion[71]. - The company has maintained compliance with the corporate governance code since its listing date on January 15, 2020, with the exception of one specific provision[70]. - The board includes two executive directors and three independent non-executive directors, ensuring a balanced governance structure[72]. Risk Management - The board is tasked with identifying, analyzing, and monitoring risks associated with daily operations and processes[95]. - The company has implemented a risk management policy and procedures to outline the risk management process and matrix[95]. - The board has reviewed the effectiveness of the group's risk management and internal control systems, deeming them effective and adequate[97]. - The company has engaged external consultants to perform internal audit functions, reviewing the risk management and internal control systems annually[97]. Environmental and Social Responsibility - The company generated a total greenhouse gas emission of 457.34 tons of CO2 equivalent during the reporting period[183]. - The company has implemented an environmental management system compliant with ISO 1400:2015 standards to mitigate environmental risks and impacts[179]. - The company has taken measures to reduce air emissions from construction sites, including using low-sulfur fuel and maintaining equipment to prevent excessive smoke emissions[183]. - The company recognizes the importance of sustainable development and aims to positively impact the community through responsible business operations[177]. Employee and Workforce Management - The total employee cost for the fiscal year 2019/2020 was approximately SGD 16.3 million, an increase from SGD 14.5 million in the previous fiscal year[43]. - The workforce increased to 559 employees as of February 29, 2020, up from 477 employees in the previous year, with 12.7% being Singapore citizens[43]. - The company provides competitive compensation packages and conducts annual performance evaluations to ensure fair rewards for employees[195]. - The company employs foreign workers from Malaysia, China, and other regions to support construction projects due to local labor shortages[196]. Shareholder Information - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, with the board having the discretion to declare dividends based on various factors including financial condition and future expansion plans[171]. - The board has resolved not to recommend a final dividend for the year ended February 29, 2020, consistent with the previous fiscal year[173]. - The company’s major shareholders, Mr. Xu Xuping and Mr. Xu Tiansheng, each hold 1,050,000,000 shares, representing 75% of the issued share capital[148]. - The shareholding structure indicates that Mr. Xu Xuping and Mr. Xu Tiansheng are deemed to act in concert, collectively owning 75% of the company[149].