Financial Performance - The company's revenue for the three months ended March 31, 2021, was SGD 4,918,573, a significant increase from SGD 1,831,297 in the same period of 2020, representing a growth of 168%[4] - Gross profit for the same period was SGD 1,044,714, compared to SGD 411,337 in 2020, indicating a gross margin improvement[4] - The company reported a pre-tax profit of SGD 571,890, a turnaround from a loss of SGD 43,582 in the previous year[4] - Net profit for the period was SGD 474,490, compared to a loss of SGD 23,382 in 2020, marking a substantial recovery[4] - Basic and diluted earnings per share for the period were SGD 0.371, compared to a loss per share of SGD 0.018 in 2020[4] - Profit attributable to owners of the company was approximately SGD 474,490 for the three months ended March 31, 2021, compared to a loss of SGD 23,382 in the same period of 2020[19] - The gross profit for the three months ended March 31, 2021, was approximately SGD 1,045,000, with a gross margin of about 21.2%, down from 22.5% in 2020[29] Revenue Sources - The income from the signage business was SGD 2,315,818, up from SGD 1,831,297, while renovation and refurbishment services generated SGD 2,602,755 in revenue[12] - The company aims to diversify its business portfolio and expand revenue sources by focusing more on renovation and refurbishment services[33] Expenses and Costs - The company’s financing costs decreased to SGD 7,701 from SGD 19,370, reflecting improved financial management[16] - Selling and administrative expenses decreased by SGD 312,000 or 28.9% to approximately SGD 769,000 for the three months ended March 31, 2021, compared to SGD 1,081,000 in 2020[30] - As of March 31, 2021, the total employee cost, including director remuneration, was approximately SGD 865,000, unchanged from 2020[34] - The company employed a total of 71 employees as of March 31, 2021, down from 80 in 2020[34] Taxation - The effective tax expense for the period was SGD 97,400, compared to a tax credit of SGD 20,200 in the previous year[17] - The tax expense for the three months ended March 31, 2021, was SGD 97,400, compared to a tax credit of SGD 20,200 in 2020[5] Foreign Exchange and Other Income - The company experienced a foreign exchange loss of SGD 27,237, which was an improvement from a loss of SGD 94,905 in the same period last year[4] - The company recorded other income of approximately SGD 107,000 related to COVID-19 subsidies and interest income of about SGD 68,000 from loans receivable[29] Corporate Governance and Shareholder Engagement - The board is committed to adhering to the corporate governance code and has implemented measures to enhance internal control systems[44] - The company has confirmed compliance with the corporate governance code as of March 31, 2021[45] - The report emphasizes the importance of shareholder engagement in decision-making processes[48] Strategic Initiatives - The company plans to utilize the net proceeds of approximately HKD 14,000,000 from a placement of shares to expand its renovation and refurbishment services business[32] - The company is focused on strategic growth through capital raising initiatives[48] - The company aims to enhance its market position through the proposed share placement[48] Future Outlook - Future outlook indicates a slow recovery in construction activity demand in Singapore, with challenges due to competitive bidding prices and rising material costs[33] Shareholder Information - Executive director Chen Tianji holds a controlling interest in Absolute Truth Investments Limited, owning 39,337,600 shares, which represents 30.73% of the issued share capital[35] - Major shareholder Wang Yafei owns 9,600,000 shares, accounting for 7.50% of the issued share capital[37] - The company has granted a total of 12,800,000 share options under its share option scheme, with an exercise price of HKD 0.45 per share, valid until April 8, 2022[42] - No share options were granted, exercised, lapsed, or cancelled during the three months ended March 31, 2021[42] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2021[43] Placement and Announcements - The company has obtained shareholder approval to issue up to 96,000,000 placement shares as of May 4, 2021[48] - The placement agreement with the placement agent is still pending completion as of the report date[48] - The report was published on May 12, 2021, and will be available for at least seven days on the GEM website and the company's website[48] - The executive directors are Mr. Chen Tianji and Ms. Kong Weishan, while the independent non-executive directors include Mr. Liu Mugeng, Mr. Xiao Laiwen, and Mr. Lu Qiaoyan[48] - The company has made several announcements on February 8, March 19, and May 4, 2021, regarding the placement[48] - The company is committed to transparency and will provide updates on the placement process[48] - The special resolution for the placement was passed at the extraordinary general meeting[48]

Financial Performance - The company reported a revenue decrease of 24.9% from approximately SGD 8,501,000 in 2019 to about SGD 6,383,000 in 2020[11]. - The annual gross profit was approximately SGD 672,000, down from SGD 1,987,000 in 2019, resulting in a gross margin of about 10.5% compared to 23.4% in the previous year[16]. - The company incurred a net loss of approximately SGD 3,427,000 in 2020, compared to a loss of SGD 1,587,000 in 2019[11]. - Total revenue for the year 2020 was SGD 6,383,204, a decrease of 25.0% from SGD 8,500,700 in 2019[159]. - Gross profit for 2020 was SGD 672,370, down 66.1% from SGD 1,987,398 in 2019[159]. - The company reported a net loss of SGD 3,427,279 for 2020, compared to a net loss of SGD 1,586,829 in 2019, representing an increase in loss of 116.5%[159]. - Total assets decreased to SGD 15,695,621 in 2020 from SGD 18,386,619 in 2019, a decline of 14.6%[161]. - Current assets decreased to SGD 11,104,318 in 2020 from SGD 13,313,904 in 2019, a reduction of 16.5%[161]. - The company's total liabilities increased to SGD 5,432,000 in 2020 from SGD 5,267,067 in 2019, an increase of 3.1%[161]. - The net asset value decreased to SGD 10,263,621 in 2020 from SGD 13,119,552 in 2019, a decline of 21.7%[161]. - The company recognized other income of SGD 760,301 in 2020, significantly higher than SGD 188,633 in 2019, an increase of 302.4%[159]. - The financing costs rose to SGD 56,521 in 2020 from SGD 24,436 in 2019, an increase of 131.9%[159]. - The company reported a basic and diluted loss per share of SGD 2.678 for 2020, compared to SGD 1.240 in 2019, an increase of 115.0%[159]. - Total equity decreased from SGD 13,119,552 in 2019 to SGD 10,263,621 in 2020, representing a decline of approximately 21.6%[41]. - Operating cash flow used in 2020 was SGD (2,424,472), a significant increase from SGD (833,583) in 2019, reflecting a worsening cash flow situation[44]. - The company’s cash and cash equivalents decreased from SGD 7,629,334 at the beginning of 2020 to SGD 3,260,267 by year-end, a reduction of approximately 57.2%[45]. - The company incurred a pre-tax loss of SGD (3,540,990) in 2020, compared to SGD (1,627,175) in 2019, marking an increase in pre-tax losses of approximately 117.5%[43]. Expenses and Cost Management - Selling and administrative expenses increased to approximately SGD 4,122,000 in 2020 from SGD 3,161,000 in 2019, primarily due to higher advertising and share-based payment expenses[17]. - The total employee cost, including directors' remuneration, was approximately SGD 3,344,000 for the year ended December 31, 2020, compared to SGD 3,142,000 in 2019[29]. - The company will continue to manage its expenses and review its business strategies to seek new opportunities in the current market environment[12]. Market Outlook and Business Strategy - The company anticipates a decline in revenue and gross profit in the local construction market due to ongoing COVID-19 impacts and increased competition[12]. - The company has initiated subcontracting services for commercial and residential property development and renovation projects in Hong Kong, expected to generate revenue in 2021[12]. - The company plans to diversify its existing business portfolio to expand revenue sources amid challenging market conditions[12]. Governance and Compliance - The company held 5 board meetings and 2 shareholder meetings during the year ended December 31, 2020, with all directors confirming their compliance with trading rules[45]. - The audit committee, established on June 23, 2015, consists of three independent non-executive directors, with the chairman possessing appropriate professional qualifications[51]. - The board believes that good corporate governance is essential for managing the group's business and affairs, and has complied with the corporate governance code for the year ended December 31, 2020[42]. - The company has appointed three independent non-executive directors, representing over one-third of the board, ensuring compliance with GEM listing rules[49]. - All directors participated in continuous professional development to enhance their knowledge and skills relevant to their roles as directors of a listed company[50]. - The company’s management regularly reviews its corporate governance practices to align with the GEM listing rules and corporate governance code[42]. - The board is responsible for overseeing the company and has authorized executive directors and management to handle daily operations[44]. - The company has established a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[43]. - The chairman and CEO roles are clearly separated, with the chairman responsible for overall management and strategic planning[47]. - The company’s independent non-executive directors provide strategic advice to ensure compliance with financial and regulatory requirements[49]. Risk Management - The company has established a risk management and internal control system to safeguard shareholder investments and group assets[66]. - The company’s board is responsible for evaluating and determining the nature and extent of risks acceptable in achieving strategic objectives[66]. - The group has engaged an independent consultant to perform internal audit functions and assess the risk management and internal control systems, reporting directly to the audit committee[68]. - As of December 31, 2020, the group’s risk management and internal control systems were deemed sufficient and effective by the audit committee and board[68]. - The board acknowledges that the established risk management and internal control systems provide reasonable, but not absolute, assurance against foreseeable adverse events[69]. Shareholder Information - As of December 31, 2020, the company’s executive director Chen Tianji holds 39,337,600 shares, representing approximately 30.73% of the issued share capital[116]. - Major shareholder Absolute Truth Investments Limited, controlled by Chen Tianji and Chen Guanghui, also holds 39,337,600 shares, equating to 30.73% of the issued share capital[120]. - Wang Yafei and Han Dongshen are significant shareholders, holding 9,600,000 shares (7.50%) and 7,040,000 shares (5.50%) respectively[120]. - The company confirmed that at least 25% of its issued share capital is held by the public as of the last practicable date before the report publication[125]. Financial Resources and Investments - The group has not early adopted any new or revised International Financial Reporting Standards (IFRS) that are not yet effective, indicating a stable accounting policy environment[174]. - The group expects that the application of all other new IFRS and amendments will not have a significant impact on the consolidated financial statements in the foreseeable future[177]. - The company has sufficient financial resources for ongoing operations based on its current financial condition and available financing[90]. - The company has no significant violations of applicable laws and regulations that would materially impact its business and operations during the year ended December 31, 2020[104]. Share Options and Equity - The company granted a total of 12,800,000 share options at an exercise price of HKD 0.45, valid from April 9, 2020, to April 8, 2022[127]. - As of December 31, 2020, no share options were exercised, expired, or canceled, leaving 12,800,000 options unexercised[127]. - The company has adopted a share option scheme aimed at incentivizing eligible participants for their contributions to the company[129]. Trade Receivables and Credit Management - As of December 31, 2020, the total trade receivables amounted to approximately SGD 2,012,480, a decrease from SGD 2,533,433 in 2019[144]. - The expected credit loss provision net amount was approximately SGD 565,231, compared to SGD 554,005 in 2019[144]. - The credit period granted to customers generally ranges from 30 to 60 days[144]. - The management regularly assesses the recoverability of trade receivables based on various factors including customer credit status and historical settlement records[144]. - The expected credit loss assessment involves significant management judgment and estimates[145].

Financial Performance - For the three months ended September 30, 2020, the company reported revenue of SGD 593,085, a decrease of 72% compared to SGD 2,132,831 in the same period of 2019[4] - The cost of sales for the three months ended September 30, 2020, was SGD (938,419), resulting in a gross loss of SGD (345,334) compared to a gross profit of SGD 292,640 in 2019[4] - The company incurred a loss before tax of SGD (1,763,327) for the three months ended September 30, 2020, compared to a loss of SGD (325,043) in the same period of 2019[4] - The total comprehensive loss attributable to owners of the company for the three months ended September 30, 2020, was SGD (1,508,929), compared to SGD (326,292) in 2019[4] - For the nine months ended September 30, 2020, the company reported total revenue of SGD 3,218,120, down 48% from SGD 6,260,839 in the same period of 2019[4] - The company reported a net loss of SGD 1,537,927 for the three months ended September 30, 2020, compared to a loss of SGD 300,711 in 2019, indicating a 411.5% increase in losses[19] - Basic and diluted loss per share for the nine months ended September 30, 2020, was SGD 0.227, compared to SGD 0.051 in 2019, reflecting a 345.1% increase in losses per share[19] - The gross profit for the same period was approximately SGD 61,000, resulting in a gross margin of about 1.9%, down from 27.1% in 2019[27] - The company incurred a loss of approximately SGD 2,902,000 for the nine months ended September 30, 2020, compared to a loss of SGD 648,000 in 2019[29] Costs and Expenses - The company’s financing costs increased to SGD (10,943) for the three months ended September 30, 2020, compared to SGD (5,781) in 2019[4] - Total financing costs for the nine months ended September 30, 2020, were SGD 47,844, up from SGD 20,407 in 2019, representing a 134.0% increase[16] - Sales and administrative expenses increased by SGD 862,000 or 35.3% to approximately SGD 3,301,000, primarily due to increased share-based payments, advertising expenses, and legal and professional fees[29] - Total employee costs, including director remuneration, were approximately SGD 2,567,000 for the nine months ended September 30, 2020, compared to SGD 2,356,000 in 2019[33] Income and Other Revenue - The company reported other income of SGD 180,548 for the three months ended September 30, 2020, compared to SGD 56,056 in the same period of 2019[4] - Interest income for the three months ended September 30, 2020, was SGD 72,628, up from SGD 47,291 in 2019, representing a 53.5% increase[14] - Government grants received for the nine months ended September 30, 2020, totaled SGD 311,516, significantly higher than SGD 20,167 in 2019, marking a 1443.5% increase[14] - The company’s total other income for the nine months ended September 30, 2020, was SGD 491,041, a significant increase from SGD 145,600 in 2019, representing a 236.5% increase[14] Shareholder Information - As of September 30, 2020, Absolute Truth Investments Limited holds 39,337,600 shares, representing 30.73% of the issued share capital[38] - Wang Yafei owns 9,600,000 shares, accounting for 7.50% of the issued share capital[38] - Han Dongshen holds 7,040,000 shares, which is 5.50% of the issued share capital[38] - The weighted average number of ordinary shares issued was 128,000,000 for both 2020 and 2019, indicating no change in share structure during this period[19] - The company has not issued, exercised, lapsed, or cancelled any share options during the nine months ended September 30, 2020, with a total of 12,800,000 options unexercised as of that date[40] Corporate Governance - The board has adhered to the corporate governance code and has implemented measures to enhance internal control systems and professional development for directors[42] - The audit committee, established on June 23, 2015, consists of three independent non-executive directors and is responsible for overseeing financial reporting and internal controls[45] Future Outlook - The company plans to diversify its business portfolio by providing subcontracting services for commercial property and residential renovation projects in Hong Kong, expecting new revenue from these initiatives in the coming year[32] - The company anticipates that the construction sector's demand will negatively impact revenue due to ongoing COVID-19 measures and increased competition in bidding prices[32] - The company will continue to manage its expenses and review its business strategies to seek new opportunities in the current market environment[32] Employment - The company employed a total of 83 employees as of September 30, 2020, a slight decrease from 85 employees in 2019[33] Litigation and Other Losses - The company incurred a significant litigation settlement of SGD 700,000 during the nine months ended September 30, 2020[15] - Other income and losses included a settlement amount of SGD 700,000 related to litigation, offset by foreign exchange gains of approximately SGD 267,000[28] Market Conditions - The company operates primarily in Singapore, with all revenue sourced from external customers and all non-current assets located in Singapore[12] - The company’s revenue from public sector clients for the three months ended September 30, 2020, was SGD 430,890, while revenue from private sector clients was SGD 162,195[10] Miscellaneous - No significant events occurred after September 30, 2020[46] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the review period[41] - The company reported a foreign exchange loss of SGD 119,575 for the three months ended September 30, 2020, compared to a gain of SGD 136,834 in 2019[15]

Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 2,625,036, a decrease of 36.4% compared to SGD 4,128,009 for the same period in 2019[5] - Gross loss for the six months ended June 30, 2020, was SGD 406,582, compared to a gross profit of SGD 1,407,124 for the same period in 2019[5] - The net loss for the six months ended June 30, 2020, was SGD 1,364,293, significantly higher than the net loss of SGD 347,569 for the same period in 2019[5] - Total revenue for the six months ended June 30, 2020, was SGD 2,625,036, a decline of 36% compared to SGD 4,128,009 in 2019[22] - Revenue from public contracts for the six months ended June 30, 2020, was SGD 2,325,626, a decrease of 36% from SGD 3,619,762 in 2019[22] - Revenue from private contracts for the same period was SGD 299,410, down 41% from SGD 508,247 in 2019[22] - The group recorded unaudited revenue of approximately SGD 2,625,000 for the six months ended June 30, 2020, a decrease of about 36.4% or SGD 1,503,000 compared to SGD 4,128,000 in 2019[47] - The gross profit for the same period was approximately SGD 407,000, with a gross margin of about 15.5%, down from 34.1% in 2019[47] - The group incurred a loss of approximately SGD 825,000 for the six months ended June 30, 2020, compared to a profit of SGD 348,000 in 2019[47] - The group reported a pre-tax loss of approximately SGD 1,433,000 for the six months ended June 30, 2020, compared to a loss of SGD 265,000 in the same period of 2019[48] Assets and Liabilities - Total assets decreased to SGD 15,107,291 as of June 30, 2020, from SGD 16,185,531 as of December 31, 2019[6] - Current liabilities decreased to SGD 1,913,026 as of June 30, 2020, from SGD 2,201,088 as of December 31, 2019[6] - The company’s total equity as of June 30, 2020, was SGD 12,232,032, down from SGD 13,119,552 as of December 31, 2019[9] - The company's trade receivables decreased to SGD 1,370,310 as of June 30, 2020, from SGD 2,533,433 as of December 31, 2019, reflecting a decline of approximately 46%[35] - The total amount of loans receivable increased to SGD 2,874,977 as of June 30, 2020, compared to SGD 1,265,361 as of December 31, 2019, representing a growth of approximately 128%[36] - The company's total trade payables decreased to SGD 944,689 as of June 30, 2020, from SGD 1,381,559 as of December 31, 2019, indicating a reduction of about 32%[40] Cash Flow - Cash and cash equivalents decreased to SGD 5,707,989 as of June 30, 2020, from SGD 7,629,334 as of December 31, 2019[6] - The net cash used in operating activities was SGD (308,708) compared to SGD (104,618) in 2019, representing an increase of 194%[13] - The net cash used in investing activities for the same period was SGD (1,522,394), up from SGD (813,285) in 2019, indicating an increase of 87%[13] - The total cash and cash equivalents decreased to SGD 5,707,989 as of June 30, 2020, down from SGD 9,949,360 at the beginning of the year, a decline of 43%[13] - Cash and cash equivalents decreased by approximately SGD 2,111,000, primarily due to cash used in operating activities and repayments of bank loans[51] Shareholder Information - As of June 30, 2020, the company’s executive director Chen Tianji holds 983,440,000 shares, representing 30.73% of the issued share capital[67] - Major shareholder Absolute Truth Investments Limited holds 983,440,000 shares, accounting for 30.73% of the issued share capital[73] - Shareholder Wang Yafei owns 240,000,000 shares, representing 7.50% of the issued share capital[73] - Shareholder Han Dongshen holds 176,000,000 shares, which is 5.50% of the issued share capital[73] - The company granted a total of 320,000,000 share options to directors and employees at an exercise price of HKD 0.018 per share, valid from April 9, 2020, to April 8, 2022[78] - No share options were exercised, lapsed, or cancelled during the six months ended June 30, 2020[78] Corporate Governance - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2020, consistent with the previous year[34] - The board is committed to adhering to the corporate governance code as per GEM Listing Rules Appendix 15[80] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated results for the six months ended June 30, 2020[84] - The company has maintained compliance with the corporate governance code as of June 30, 2020[81] Other Income and Expenses - Other income for the six months ended June 30, 2020, was SGD 310,493, an increase from SGD 89,544 for the same period in 2019[5] - Interest income for the six months ended June 30, 2020, was SGD 97,279, a decrease of 50% from SGD 64,780 in 2019[26] - Government grants received during the same period amounted to SGD 204,860, compared to SGD 15,160 in 2019, reflecting a significant increase[26] - The company experienced a foreign exchange loss of SGD 62,985 for the six months ended June 30, 2020, compared to a gain of SGD 8,347 for the same period in 2019[5] - The company reported a foreign exchange gain of SGD 386,363 for the six months ended June 30, 2020, compared to a loss of SGD (71,684) in 2019[27] - The income tax expense for the six months ended June 30, 2020, was SGD (68,300), compared to SGD 69,100 in 2019, indicating a shift from a tax benefit to an expense[30] - The company’s tax expense for the six months ended June 30, 2020, was a tax credit of SGD 68,300, compared to an expense of SGD 82,286 in the same period of 2019[7] Operational Outlook - The outlook indicates that the construction sector's demand will negatively impact the group's revenue, with expectations of declining income and gross profit due to COVID-19 and rising material costs[55] - The group has no significant investments or acquisitions during the review period and has no specific future plans for major investments or capital assets as of June 30, 2020[58] - The company operates primarily in the design, production, installation, and maintenance of signage and related products, focusing on customers located in Singapore[46] Employee Benefits - The company’s short-term employee benefits for the six months ended June 30, 2020, were SGD 95,410, down from SGD 148,022 in 2019, reflecting a decrease of approximately 36%[44] - Selling and administrative expenses increased by SGD 879,000 or 54.3% to approximately SGD 2,498,000, primarily due to increased share-based payments, advertising expenses, and legal and professional fees[48] Related Party Transactions - The company has not entered into any related party transactions during the review period[43]

Financial Performance - The company's revenue for the three months ended March 31, 2020, was SGD 1,831,297, a decrease of 6.9% compared to SGD 1,967,596 in the same period of 2019[4] - Gross profit for the same period was SGD 411,337, down 28% from SGD 569,708 year-over-year[4] - The company reported a pre-tax loss of SGD 43,582, significantly improved from a loss of SGD 265,965 in the previous year[4] - The net loss for the period was SGD 23,382, compared to a net loss of SGD 298,251 in the prior year, indicating a reduction in losses[4] - Other income increased to SGD 72,471 from SGD 37,331, reflecting a growth of 94.3% year-over-year[4] - Revenue from public sector clients was SGD 1,638,399, down 8.7% from SGD 1,794,492 in 2019, while private sector revenue increased to SGD 192,898 from SGD 173,104[11] - The company experienced a foreign exchange loss of SGD 94,905, contrasting with a gain of SGD 13,453 in the previous year[4] - The basic and diluted loss per share for the period was SGD 0.001, an improvement from SGD 0.009 in the same quarter of 2019[4] - The company incurred a loss of approximately SGD 632,000 for the three months ended March 31, 2020, compared to a loss of SGD 298,000 in the same period of 2019[27] - Gross profit for the period was approximately SGD 411,000, with a gross margin of about 22.5%, down from 29.0% in 2019[27] - Selling and administrative expenses increased by SGD 286,000 or 36.0% to approximately SGD 1,081,000, primarily due to increased advertising and legal costs[27] - The company recorded a tax expense of SGD 20,200 for the three months ended March 31, 2020, compared to a tax expense of SGD 32,286 in 2019[19] - Basic and diluted loss per share was SGD 0.001 for the three months ended March 31, 2020, compared to SGD 0.009 in 2019[21] Corporate Governance and Shareholder Information - The company did not recommend any interim dividend for the three months ended March 31, 2020[22] - As of March 31, 2020, the company’s executive director, Mr. Chen Tianji, holds 983,440,000 shares, representing approximately 30.73% of the issued share capital[34] - 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 March 31, 2020[36] - No share options were granted, exercised, lapsed, or cancelled during the three months ended March 31, 2020, and no unexercised options were outstanding as of that date[38] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2020[39] - The board of directors confirmed compliance with the corporate governance code as of March 31, 2020[41] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated results for the three months ended March 31, 2020[43] Market Outlook and Strategic Direction - The outlook indicates that the construction sector's demand will negatively impact revenue, with expectations of declining income and gross profit due to COVID-19 and increased competition[32] - The company will continue to manage expenses and review business strategies to adapt to the current market environment[32] Employment and Costs - The company employed a total of 80 employees as of March 31, 2020, with total employee costs of approximately SGD 865,000[33] Events After Reporting Period - No significant events occurred after March 31, 2020[44]

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].