Financial Performance - The group's revenue decreased by 18.8% from approximately SGD 10,475,000 in 2018 to approximately SGD 8,501,000 in 2019[13]. - Gross profit for the year was approximately SGD 1,987,000, down from SGD 4,119,000 in 2018, resulting in a gross margin decline from 39.3% to 23.4%[19]. - The group recorded a net loss of approximately SGD 1,587,000 for the year, compared to a profit of approximately SGD 884,000 in 2018[19]. - The group's revenue for the fiscal year ended December 31, 2019, was approximately SGD 8,501,000, a decrease from SGD 10,475,000 in 2018, with a net loss of SGD 1,587,000[32][33]. - Total revenue for the year ended December 31, 2019, was SGD 8,500,700, a decrease of 18.9% from SGD 10,474,896 in 2018[162]. - Gross profit for 2019 was SGD 1,987,398, down 51.7% from SGD 4,119,042 in the previous year[162]. - The company reported a net loss of SGD 1,586,829 for 2019, compared to a profit of SGD 884,396 in 2018[162]. - The company recognized other income of SGD 188,633 in 2019, an increase from SGD 126,908 in 2018, reflecting a growth of 48.7%[162]. - The company reported a pre-tax loss of SGD 1,627,175 in 2019, compared to a profit of SGD 1,203,835 in 2018, indicating a significant decline in performance[169]. Revenue and Income Sources - The decrease in revenue was primarily attributed to a reduction in public sector income of approximately SGD 1,918,000 due to the lack of new high-value contracts[19]. - The group experienced a decrease in public sector revenue by SGD 1,918,000 due to the absence of new high-value contracts to replace those that were expiring[33]. - Other income and losses included an expected credit loss provision of approximately SGD 533,000 and a foreign exchange loss of approximately SGD 83,000 due to the depreciation of the Hong Kong dollar against the Singapore dollar[19]. Expenses and Liabilities - Selling and administrative expenses were approximately SGD 3,161,000, slightly up from SGD 3,159,000 in 2018[20]. - The expected credit loss provision and reduced gross profit were major contributors to the pre-tax loss of approximately SGD 1,627,000 for the year[20]. - The group had borrowings of approximately SGD 3,280,000 in property loans and SGD 291,000 in lease liabilities as of December 31, 2019[22]. - The company's total liabilities increased significantly, with non-current liabilities rising to SGD 3,065,979 in 2019 from SGD 269,971 in 2018[163]. Cash Flow and Financial Position - As of December 31, 2019, the group's cash and cash equivalents decreased by approximately SGD 3,517,000, resulting in a total of SGD 7,629,000 compared to SGD 11,147,000 in 2018[21]. - The company had cash and cash equivalents of SGD 7,629,334 as of December 31, 2019, down from SGD 11,146,677 in 2018, a decrease of 31.5%[163]. - The company experienced a net cash outflow of SGD 3,446,068 in cash and cash equivalents for the year, compared to an increase of SGD 770,391 in 2018[170]. - The net cash used in operating activities was SGD 833,583 in 2019, a decrease from SGD 1,195,718 in 2018[170]. Governance and Compliance - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the GEM Listing Rules for the year ended December 31, 2019[47]. - The company has three independent non-executive directors, constituting more than one-third of the board, ensuring compliance with GEM Listing Rules[52]. - The company’s governance practices were reviewed and found to comply with the corporate governance code for the year ended December 31, 2019[46]. - The audit committee's responsibilities include providing independent opinions on the effectiveness of financial reporting procedures and internal controls[54]. - The board is responsible for maintaining an effective risk management and internal control system to protect shareholder investments[69]. Risk Management - The group has established a risk management framework that provides reasonable assurance against foreseeable adverse events impacting business objectives[72]. - The company has implemented key control measures to manage and monitor credit risk, ensuring the effectiveness of these controls[149]. - The company has no foreign exchange hedging policy but continuously monitors its exposure to currency fluctuations, particularly between HKD and SGD[92]. Shareholder Information - The company has a total of 983,440,000 shares held by executive director Chen Tianji, representing approximately 30.73% of the issued share capital[119]. - Major shareholder Absolute Truth Investments Limited also holds 983,440,000 shares, accounting for 30.73% of the issued share capital[121]. - The company confirms that at least 25% of its issued share capital is held by the public[128]. Future Outlook - The group anticipates facing significant challenges in 2020 due to decreased market demand, intense bidding price competition, and rising material costs[14]. - The group plans to continue managing its expenses and reviewing its business strategies to respond to the current market environment[15]. - The group aims to seek opportunities cautiously in light of the challenging market conditions[15]. Legal and Regulatory Matters - The company reported a potential legal claim amounting to SGD 1,007,540 related to a negligent misrepresentation by its subsidiary, with a high likelihood of a successful defense[89]. - The company has not identified any significant violations of applicable laws and regulations that would materially impact its business operations[108]. - The company has not experienced any significant disputes with business partners, suppliers, or customers during the year[109].

Financial Performance - For the three months ended September 30, 2019, the company reported revenue of SGD 2,132,831, a decrease of 10.1% compared to SGD 2,373,476 in the same period of 2018[4] - The gross profit for the three months ended September 30, 2019, was SGD 292,640, down 60.3% from SGD 737,373 in the same period of 2018[4] - The company incurred a loss before tax of SGD 325,043 for the three months ended September 30, 2019, compared to a loss of SGD 18,684 in the same period of 2018[4] - The net loss for the three months ended September 30, 2019, was SGD 300,711, compared to a loss of SGD 72,184 in the same period of 2018[4] - Total comprehensive loss for the three months ended September 30, 2019, amounted to SGD 326,292, compared to a loss of SGD 78,991 in the same period of 2018[4] - For the nine months ended September 30, 2019, revenue was SGD 6,260,839, a decrease of 21.2% from SGD 7,950,558 in the same period of 2018[4] - The company reported a gross profit of SGD 1,699,764 for the nine months ended September 30, 2019, down 47.4% from SGD 3,233,179 in the same period of 2018[4] - The loss before tax for the nine months ended September 30, 2019, was SGD 590,326, compared to a profit of SGD 1,123,057 in the same period of 2018[4] - The basic and diluted loss per share for the nine months ended September 30, 2019, was SGD (0.020), compared to earnings of SGD 0.024 in the same period of 2018[4] - The company reported a net loss attributable to owners of SGD 300,711 for the three months ended September 30, 2019, compared to a loss of SGD 72,184 in the same period of 2018[21] - The basic and diluted loss per share for the nine months ended September 30, 2019, was SGD 0.020, compared to earnings of SGD 0.024 in the same period of 2018[21] - The company incurred a loss of approximately SGD 648,000 for the nine months ended September 30, 2019, compared to a profit of approximately SGD 771,000 in 2018, representing a decrease of SGD 1,419,000[29] Revenue and Income - Total revenue for the three months ended September 30, 2019, was SGD 2,132,831, a decrease of 10.1% compared to SGD 2,373,476 in the same period of 2018[12] - Total revenue for the nine months ended September 30, 2019, was SGD 6,260,839, down 21.2% from SGD 7,950,558 in the same period of 2018[12] - Interest income for the three months ended September 30, 2019, increased to SGD 47,291, up 174.5% from SGD 17,223 in the same period of 2018[16] - Total other income for the nine months ended September 30, 2019, was SGD 145,600, a significant increase from SGD 72,223 in the same period of 2018[16] Expenses and Costs - The total financing costs for the nine months ended September 30, 2019, were SGD 20,407, an increase from SGD 12,627 in the same period of 2018[18] - Sales and administrative expenses for the nine months ended September 30, 2019, were approximately SGD 2,439,000, an increase of about SGD 125,000 from SGD 2,314,000 in 2018[28] - The company employed a total of 85 staff as of September 30, 2019, compared to 81 in 2018, with total employee costs of approximately SGD 2,356,000 for the nine months ended September 30, 2019[33] Market Conditions - The company anticipates that the local construction market's revenue and gross profit will decrease due to intense bidding price competition and rising material costs[32] - Public sector revenue decreased by approximately SGD 1,813,000, primarily due to reduced demand in the construction sector and intense market competition[31] Foreign Exchange and Tax - The company experienced a foreign exchange gain of SGD 136,834 for the three months ended September 30, 2019, compared to a gain of SGD 18,108 in the same period of 2018[17] - The company's foreign exchange gain for the nine months ended September 30, 2019, was approximately SGD 65,000, mainly due to the appreciation of cash and cash equivalents denominated in HKD against SGD[28] - The company’s total tax expense for the nine months ended September 30, 2019, was SGD 57,954, a decrease from SGD 352,441 in the same period of 2018[19] Corporate Governance - Major shareholders include Absolute Truth Investments Limited, holding approximately 30.73% of the issued share capital, and other significant shareholders holding 5% or more[36] - The company has adhered to the corporate governance code as per GEM Listing Rules Appendix 15 throughout the nine months ending September 30, 2019[43] - The audit committee, established on June 23, 2015, consists of three independent non-executive directors and is responsible for providing independent opinions on the effectiveness of financial reporting, internal controls, and risk management systems[45] Other Information - The company did not recommend an interim dividend for the nine months ended September 30, 2019[22] - The company has not granted any options under the stock option plan adopted on September 21, 2018, and there were no unexercised options as of September 30, 2019[40] - There have been no significant events occurring after September 30, 2019[46]

Financial Performance - Revenue for the six months ended June 30, 2019, was SGD 4,128,009, a decrease of 26% compared to SGD 5,577,082 in the same period of 2018[5] - Gross profit for the six months ended June 30, 2019, was SGD 1,407,124, down 43.6% from SGD 2,495,806 in 2018[5] - The net loss for the six months ended June 30, 2019, was SGD 347,569, compared to a profit of SGD 842,800 in the same period of 2018[5] - Total comprehensive income for the six months ended June 30, 2019, was a loss of SGD 339,222, compared to a gain of SGD 817,665 in 2018[5] - The basic and diluted loss per share for the six months ended June 30, 2019, was SGD (0.011), compared to earnings of SGD 0.026 in the same period of 2018[5] - The company reported a pre-tax loss of SGD 265,283 for the six months ended June 30, 2019, compared to a profit of SGD 1,141,741 in the same period of 2018[13] - Operating cash flow before changes in working capital was SGD 100,033, a significant decrease from SGD 1,220,664 in the previous year[13] - Net cash used in operating activities was SGD 104,618, down from a net cash generated of SGD 924,799 in the prior year[13] - The company reported a significant increase in depreciation and amortization expenses to SGD 291,200 from SGD 163,605 in the prior year[13] - The company incurred a net cash outflow of SGD 813,285 from investing activities, compared to SGD 162,865 in the previous year[13] Assets and Liabilities - Non-current assets increased to SGD 1,147,437 as of June 30, 2019, from SGD 988,099 as of December 31, 2018[7] - Current assets decreased to SGD 15,068,759 as of June 30, 2019, from SGD 15,602,381 as of December 31, 2018[7] - Total liabilities decreased to SGD 1,608,927 as of June 30, 2019, from SGD 1,625,093 as of December 31, 2018[7] - The company's equity as of June 30, 2019, was SGD 14,356,194, down from SGD 14,695,416 as of December 31, 2018[7] - The total trade receivables as of June 30, 2019, were SGD 1,976,529,000, an increase from SGD 1,941,685,000 as of December 31, 2018[40] Revenue Breakdown - Revenue from public sector clients was SGD 3,619,762, down 29% from SGD 5,075,602 in the previous year[27] - Revenue from private sector clients was SGD 508,247, a slight increase from SGD 501,480 in the same period of 2018[27] - The public sector revenue decreased by approximately SGD 1,456,000, attributed to reduced demand in the construction industry and intense market competition[62] Cash and Cash Equivalents - Cash and cash equivalents decreased by SGD 1,137,789, ending at SGD 9,949,360 as of June 30, 2019, compared to SGD 11,089,877 at the end of the previous period[16] - The group’s cash and cash equivalents decreased by approximately SGD 1,138,000, resulting in a total of about SGD 9,949,000 as of June 30, 2019, compared to SGD 11,147,000 on December 31, 2018[53] Expenses and Costs - The financing costs for the six months ended June 30, 2019, totaled SGD 14,626,000, compared to SGD 8,374,000 in 2018, reflecting an increase of 74%[34] - The income tax expense for the six months ended June 30, 2019, was SGD 82,286,000, down from SGD 298,941,000 in the same period of 2018, a decrease of 72%[37] - The company reported a foreign exchange loss of SGD 71,684,000 for the six months ended June 30, 2019, compared to a gain of SGD 88,845,000 in 2018[33] - The group’s selling and administrative expenses increased by SGD 148,000 to approximately SGD 1,619,000 for the six months ended June 30, 2019, primarily due to increased legal and professional fees[51] Employee and Shareholder Information - As of June 30, 2019, the total employee cost, including director remuneration, was approximately SGD 1,571,000, an increase of 13.6% from SGD 1,383,000 for the six months ended June 30, 2018[66] - The company has 82 employees as of June 30, 2019, compared to 77 employees as of December 31, 2018[66] - As of June 30, 2019, the company’s major shareholders included Absolute Truth Investments Limited, holding 30.73% of the issued share capital, and Wang Yafei, holding 7.50%[72] - The total number of shares held by executive directors Chen Tianji and Chen Guanghui is 983,440,000 each, representing 30.73% of the issued share capital[68] Corporate Governance - The board confirmed compliance with the corporate governance code as of June 30, 2019[79] - The audit committee, established on June 23, 2015, consists of three independent non-executive directors and oversees financial reporting and internal controls[82] - The company has implemented a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[81] - The company has not engaged in any related party transactions during the review period, ensuring transparency in its financial dealings[45] Future Outlook - The group anticipates continued challenges in the local construction market due to competitive bidding and rising material costs, impacting future revenue and gross profit[63] - The company has not granted any options under its share option scheme since its adoption on September 21, 2018[76] - The company has not purchased, sold, or redeemed any of its listed securities during the review period[77] - The company has no significant investments or major acquisitions during the review period[55] - On July 5, 2019, the company agreed to acquire a property for SGD 4,100,000, pending approval from JTC Corporation[67]

Financial Performance - The company's revenue for the three months ended March 31, 2019, was SGD 1,967,596, a decrease of 21.5% compared to SGD 2,506,535 in the same period of 2018[5] - Gross profit for the same period was SGD 569,708, down 52.7% from SGD 1,202,357 year-over-year[5] - The company reported a loss before tax of SGD 265,965, compared to a profit of SGD 308,634 in the prior year[5] - The net loss for the period was SGD 298,251, compared to a profit of SGD 144,793 in the same quarter of 2018[5] - The gross profit for the same period was approximately SGD 570,000, with a gross margin of about 29.0%, down from 48.0% in 2018[31] - The company incurred a loss of approximately SGD 298,000 for the three months ended March 31, 2019, compared to a profit of SGD 145,000 in 2018, representing a decrease of SGD 443,000[32] Revenue Breakdown - Revenue from public sector clients was SGD 1,794,492, a decline of 23.9% from SGD 2,358,416 in 2018, while private sector revenue increased to SGD 173,104 from SGD 148,119[14] - Major customers contributing over 10% of total revenue included Customer A with SGD 281,710, Customer B with SGD 257,441, and Customer C with SGD 207,616[18] Expenses and Costs - The company incurred financing costs of SGD 7,832, which increased from SGD 4,121 in the previous year[5] - Selling and administrative expenses increased by SGD 38,000 or 5.0% to approximately SGD 795,000 for the three months ended March 31, 2019[31] - Financing costs increased to SGD 7,832 for the three months ended March 31, 2019, compared to SGD 4,121 in 2018[22] - The company's tax expense for the period was SGD 32,286, significantly lower than SGD 163,841 in 2018, reflecting a decrease in taxable profit[23] Other Income and Losses - Other income for the period was SGD 37,331, an increase of 15.4% from SGD 32,257 in the previous year[5] - The company experienced a foreign exchange gain of SGD 13,453, compared to a gain of SGD 32,639 in the prior year[5] - Other income and losses included a foreign exchange loss of approximately SGD 67,000 due to depreciation of cash and cash equivalents denominated in HKD against SGD[31] Employment and Shareholder Information - As of March 31, 2019, the group employed a total of 80 employees, an increase from 76 employees in 2018, with total employee costs approximately SGD 779,000 compared to SGD 694,000 for the same period in 2018[37] - The company's major shareholders include Absolute Truth Investments Limited, holding 983,440,000 shares, representing 30.73% of the issued share capital, and other significant shareholders such as Wang Yafei and Han Dongshen, holding 240,000,000 shares (7.50%) and 176,000,000 shares (5.50%) respectively[40] Corporate Governance - The board confirms compliance with the corporate governance code as of March 31, 2019, and has implemented measures to enhance internal control systems[45] - The company has not granted any share options under the share option plan adopted on September 21, 2018, and there are no unexercised share options as of March 31, 2019[42] Future Outlook - The construction sector's activity demand is expected to decrease, negatively impacting the group's revenue due to intense bidding price competition and rising material costs[36] Dividend Information - The company did not recommend the payment of an interim dividend for the three months ended March 31, 2019[26] Events After Reporting Period - There have been no significant events occurring after March 31, 2019[48]

Financial Performance - The group's revenue for the year ended December 31, 2018, was approximately SGD 10,475,000, a decrease of 18.5% from SGD 12,847,000 in 2017[11]. - Gross profit for the year was approximately SGD 4,119,000, down from SGD 5,565,000 in 2017, resulting in a gross margin of 39.3%, compared to 43.3% in the previous year[11]. - The group reported a profit of approximately SGD 884,000 for the year, a significant improvement from a loss of approximately SGD 200,000 in 2017[11]. - The group's pre-tax profit for the year was approximately SGD 1,204,000, an increase of about SGD 1,046,000 compared to the previous fiscal year[18]. - The net profit for the fiscal year ended December 31, 2018, was approximately SGD 884,000[33]. - Revenue for the year ended December 31, 2018, was SGD 10,474,896, a decrease of 18.5% from SGD 12,847,395 in 2017[151]. - Gross profit for 2018 was SGD 4,119,042, down 26.0% from SGD 5,564,977 in 2017[151]. - Net profit for the year was SGD 884,396, compared to a loss of SGD 200,110 in 2017, representing a significant turnaround[151]. Revenue Challenges - The decrease in revenue was primarily attributed to lower public sector income of approximately SGD 2,452,000, with no new high-value contracts to replace expiring ones[17]. - The group anticipates facing significant challenges in 2019 due to intense bidding competition and rising material costs, leading to expected declines in local construction market revenue and gross profit[12]. Expense Management - Selling and administrative expenses decreased by approximately SGD 449,000 or 12.5%, totaling around SGD 3,159,000 for the year[18]. - The group incurred total employee costs of approximately SGD 3,086,000 for the year ended December 31, 2018, down from SGD 3,530,000 in 2017, reflecting a reduction of about 12.6%[30]. - The group will continue to manage its expenses and review its business strategies to adapt to the current market environment[13]. Cash and Liquidity - As of December 31, 2018, the group's cash and cash equivalents increased by approximately SGD 826,000, totaling about SGD 11,147,000 compared to SGD 10,321,000 in 2017[20]. - The total cash and cash equivalents at the end of 2018 amounted to SGD 11,146,677, up from SGD 10,320,566 at the beginning of the year, representing an increase of about 8%[163]. - The net cash generated from operating activities for 2018 was SGD 1,195,718, compared to SGD 1,141,427 in 2017, showing a slight increase of approximately 4.8%[163]. Corporate Governance - The company appointed three independent non-executive directors, constituting over one-third of the board, ensuring compliance with GEM Listing Rules[52]. - The board held 5 meetings and 2 shareholder meetings during the year ending December 31, 2018, with all executive directors attending all meetings[49]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the standards set forth in GEM Listing Rules[46]. - The company’s governance practices were reviewed regularly to align with the GEM Listing Rules, and it was confirmed that the company complied with the corporate governance code for the year ending December 31, 2018[45]. - The company has established a risk management and internal control system deemed sufficient and effective as of December 31, 2018[71]. Shareholder Information - The company did not recommend the payment of a final dividend for the year ending December 31, 2018[84]. - As of December 31, 2018, the company had distributable reserves amounting to SGD 12,126,905[101]. - Major shareholders include Absolute Truth Investments Limited with 983,440,000 shares (30.73%), Wang Yafei with 240,000,000 shares (7.50%), and Han Dongshen with 176,000,000 shares (5.50%) as of December 31, 2018[121]. Risk Management - The board is responsible for ensuring effective risk management practices to mitigate identified risks[91]. - The company has not identified any significant contingent liabilities or legal claims as of December 31, 2018, except for a potential claim of SGD 1,007,540 related to a misrepresentation[90]. - The company has no foreign exchange hedging policy but continuously monitors its foreign exchange risks[93]. Accounting Policies - The company has adopted new International Financial Reporting Standards (IFRS) which may impact the financial performance and disclosures in future reports[170]. - The company adopted the expected credit loss model under IFRS 9, which did not have a significant impact on the consolidated financial statements, thus no restatement of the initial loss provision was necessary[177]. - The company’s financial statements are prepared in accordance with the historical cost convention, except for certain financial instruments measured at fair value[186].