Financial Performance - Revenue for Q1 2022 was SGD 3,074,519, a decrease of 58.8% compared to SGD 7,459,722 in Q1 2021[7] - Gross loss for the quarter was SGD 105,340, compared to a gross profit of SGD 206,322 in the same period last year[7] - The net loss for the period was SGD 937,976, an increase of 26.3% from a net loss of SGD 742,574 in Q1 2021[7] - Total comprehensive loss for the quarter amounted to SGD 976,968, compared to SGD 751,223 in Q1 2021[7] - Basic loss per share for Q1 2022 was SGD 0.20, compared to SGD 0.15 in Q1 2021[7] - Other income for the quarter was SGD 99,555, down from SGD 141,276 in Q1 2021, representing a decline of 29.5%[7] - The company incurred a loss of approximately SGD 938,000 for the three months ended March 31, 2022, compared to a loss of approximately SGD 743,000 in the same period of 2021, an increase of about SGD 195,000[32] - The net loss for the three months ended March 31, 2022, was approximately SGD 938,000, compared to a net loss of SGD 743,000 for the same period in 2021, reflecting the ongoing impact of COVID-19 and market fluctuations[41] Expenses Management - Administrative expenses decreased to SGD 844,338 from SGD 979,409 in the previous year, reflecting a reduction of 13.8%[7] - Financing costs decreased to SGD 52,986 from SGD 64,332, a reduction of 17.5%[7] - Total employee costs for the three months ended March 31, 2022, were approximately SGD 850,697, a decrease from SGD 1,066,697 in the same period of 2021[25] - The company reported a decrease in sales and administrative expenses to approximately SGD 879,000 for the three months ended March 31, 2022, from approximately SGD 1,026,000 in the same period of 2021[32] - The total employee cost for the three months ended March 31, 2022, was approximately SGD 851,000, down from SGD 1,067,000 for the same period in 2021[38] Business Operations - The company continues to focus on providing design, supply, manufacturing, and installation services for steel structures[10] - The company experienced a significant reduction in revenue primarily due to the ongoing impact of the COVID-19 pandemic and slow progress on new projects[31] - The company faced challenges such as higher subcontractor costs and a shortage of foreign workers due to Singapore's entry restrictions[31] - The company aims to expand capacity and hire more staff to strengthen its market position in the Singapore steel structure industry, driven by ongoing infrastructure projects[42] Corporate Governance - The financial results were approved by the board on May 12, 2022, and are presented in Singapore dollars[12] - The company did not recommend any dividend for the three months ended March 31, 2022, consistent with the previous year[26] - The company has no contingent liabilities or capital commitments as of March 31, 2022[36][37] - The board is responsible for ensuring effective risk management practices to mitigate operational risks[44] - The company has maintained compliance with the corporate governance code as of March 31, 2022[58] Shareholder Information - As of March 31, 2022, the major shareholder, Mr. Wang Qingyou, holds approximately 82.95% of the issued share capital[49] - As of March 31, 2022, Broadbville Limited holds 331,790,000 shares and 66,358,000 related shares, representing approximately 82.95% of the issued share capital[53] - Publicly held shares account for at least 25% of the total issued share capital as of the last practicable date before the report's publication[67] Market Outlook - The economic outlook for 2022 indicates continued growth, albeit with imbalances, and external demand in Singapore has shown slight deterioration due to COVID-19 restrictions[46] - The ongoing global supply chain issues and rising energy prices are expected to exacerbate inflationary pressures[47] Audit and Compliance - The audit committee reviewed the unaudited results for the three months ended March 31, 2022, and provided recommendations[69] - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the three months ended March 31, 2022[65] - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2022[56] - No share options were granted under the share option scheme since its adoption on November 2, 2017, and no options have been exercised, cancelled, or lapsed[61] - No significant events occurred after the financial period ended March 31, 2022, up to the report date[66]

Financial Performance - The group's revenue increased by 25.6%, from approximately SGD 10,154,000 in 2020 to about SGD 12,750,000 in 2021[10] - The net loss for the year ended December 31, 2021, was approximately SGD 9,555,000, compared to a net loss of about SGD 3,391,000 for the year ended December 31, 2020[10] - For the year ended December 31, 2021, the group recorded a pre-tax loss of approximately SGD 9,563,000, compared to a pre-tax loss of approximately SGD 3,770,000 for the year ended December 31, 2020[18] - The group's total revenue for the years ended December 31, 2021, and 2020 was approximately SGD 12,750,000 and SGD 10,154,000, respectively, indicating a year-over-year increase of about 25.5%[35] Operational Challenges - The loss was primarily due to slower project acquisition, global economic conditions affecting steel mill capacity, and increased subcontractor costs due to COVID-19 measures[10] - The economic outlook for 2022 indicates continued growth, albeit with imbalances, and a slight deterioration in external demand due to COVID-19 Omicron variant restrictions[41] - Ongoing supply chain entanglements and rising energy prices due to geopolitical tensions are exacerbating global inflationary pressures[42] Market Outlook and Strategy - The construction industry is expected to recover rapidly, with projected demand in Singapore ranging from SGD 25 billion to SGD 32 billion annually from 2023 to 2026[11] - The company plans to expand and enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more staff[13] - The group aims to enhance its market position in the Singapore steel structure industry by expanding capacity and hiring additional staff, driven by ongoing infrastructure projects[37] - The group anticipates that the ongoing infrastructure projects in Singapore will continue to drive demand for structural steel over the next decade[37] Financial Position - As of December 31, 2021, the group had cash and cash equivalents of approximately SGD 5,564,000, down from SGD 7,555,000 in 2020, representing a decrease of about 26.4%[20] - The group's total borrowings included bank loans of approximately SGD 3,710,000 as of December 31, 2021, compared to SGD 5,941,000 in 2020, reflecting a reduction of about 37.0%[20] - The debt-to-equity ratio for the group was approximately 21.0% as of December 31, 2021, compared to 22.2% in 2020, indicating a slight improvement in financial leverage[21] Employee Costs and Workforce - The total employee cost for the group was approximately SGD 4,068,000 for the year ended December 31, 2021, compared to SGD 3,309,000 in 2020, marking an increase of about 22.9%[28] - As of December 31, 2021, the company employed 116 full-time staff, with 92% being male and 8% female, a decrease from 124 employees in 2020[184] - The total employee count as of December 31, 2021, is 116, with 66% aged 30-49, 29% under 30, and 5% over 50[186] - The overall employee turnover rate for the year is 13.8%, down from 16.1% in 2020[187] - The percentage of employees receiving training is 100%, with a focus on health and safety, technical skills, and compliance awareness[197] Corporate Governance - The board is responsible for ensuring effective risk management practices to mitigate risks associated with business operations, including contract non-recurring nature and potential project delays[39] - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[62] - The company has confirmed compliance with the corporate governance code throughout the year ending December 31, 2021[60] - The company has established a code of conduct for directors' securities transactions, ensuring compliance with GEM listing rules[61] Risk Management and Internal Controls - The board regularly reviews and assesses the effectiveness of the internal control system, covering financial, operational, compliance, and risk management[99] - The internal control system aims to provide reasonable assurance against material misstatements or losses, managing operational risks rather than eliminating them[99] - The company has established a risk management and internal control system that is deemed effective and sufficient by the board, with no significant deficiencies identified[100] Environmental, Social, and Governance (ESG) Initiatives - The company is committed to high levels of corporate governance, environmental, and social responsibility, adhering to international standards such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007[120] - The ESG committee is responsible for driving ESG initiatives, collecting and calculating ESG data, and monitoring ESG-related matters across the company's operations[123] - The company has established a systematic management approach to assess and manage significant ESG-related issues, including risk assessment and monitoring the effectiveness of key ESG initiatives[125] - The company has received bizSAFE star certification, indicating its commitment to safety and excellence in performance[120] Environmental Compliance and Performance - GT Steel Construction Group Limited's environmental management system is ISO 14001:2015 certified, ensuring compliance with environmental policies and regulations[136] - The company has implemented measures to reduce greenhouse gas emissions, including replacing traditional diesel vehicles with electric ones[140] - The company has complied with relevant environmental laws and regulations, including the Environmental Protection and Management Act[144] - The company aims to integrate environmental protection and resource conservation into its internal management and daily operations[152] Stakeholder Engagement - The company emphasizes effective communication with investors to enhance understanding of its business and developments[110] - The company has a structured approach to stakeholder communication, ensuring transparency and accountability in its operations[127] - The company actively engages stakeholders for feedback on its ESG policies and performance[131]

Financial Performance - For the three months ended September 30, 2021, the company reported revenue of SGD 950,387, a decrease of 66.5% compared to SGD 2,830,759 for the same period in 2020[9] - The gross loss for the three months ended September 30, 2021, was SGD 1,481,947, compared to a gross profit of SGD 397,603 in the same period of 2020[9] - The company incurred a loss before tax of SGD 2,219,568 for the three months ended September 30, 2021, compared to a loss of SGD 453,853 for the same period in 2020[9] - For the nine months ended September 30, 2021, total revenue was SGD 14,903,404, an increase of 143.5% from SGD 6,127,778 in the same period of 2020[9] - The net loss for the nine months ended September 30, 2021, was SGD 4,327,388, compared to a loss of SGD 2,171,465 for the same period in 2020[9] - The company reported total comprehensive loss of SGD 4,336,037 for the nine months ended September 30, 2021[10] - Basic loss per share for the three months ended September 30, 2021, was SGD (0.46), compared to SGD (0.09) for the same period in 2020[9] - The company’s total equity as of September 30, 2021, was SGD 23,108,804, down from SGD 28,655,599 as of September 30, 2020[10] Revenue Sources - For the three months ended September 30, 2021, revenue from steel structure services was SGD 950,387, a decrease of 66.5% compared to SGD 2,830,759 for the same period in 2020[18] - For the nine months ended September 30, 2021, total revenue from steel structure services reached SGD 14,903,404, an increase of 143.5% compared to SGD 6,127,778 for the same period in 2020[18] - Other income for the nine months ended September 30, 2021, totaled SGD 391,441, an increase of 25.1% compared to SGD 313,073 for the same period in 2020[23] - The revenue from major clients contributing over 10% to total revenue included Client II with SGD 1,823,936 for the nine months ended September 30, 2021[21] - The company primarily operated in Singapore, generating SGD 14,903,404 in revenue for the nine months ended September 30, 2021[22] Costs and Expenses - The company reported financing costs of SGD 189,322 for the nine months ended September 30, 2021, compared to SGD 129,591 for the same period in 2020, reflecting a 46.1% increase[25] - Total employee costs for the nine months ended September 30, 2021, were SGD 3,051,002, an increase of 60% compared to SGD 1,905,366 for the same period in 2020[27] - The company incurred total sales and administrative expenses of approximately SGD 3.0 million for the nine months ended September 30, 2021, compared to approximately SGD 2.7 million in the same period of 2020, reflecting an increase of 9.6%[37] - The company reported a pre-tax loss for the nine months ended September 30, 2021, with significant costs attributed to employee salaries and subcontractor expenses[27] Government Support and Subsidies - The company received government subsidies amounting to SGD 268,963 for the nine months ended September 30, 2021, compared to SGD 193,457 for the same period in 2020, representing a 39.1% increase[23] Market Conditions and Challenges - The company faced challenges in project acquisition due to COVID-19, which slowed down new project opportunities and increased subcontractor costs due to staggered work schedules[46][48] - The construction sector continues to face challenges due to labor shortages, supply chain constraints, and rising construction costs, with third-quarter output remaining weak[51] - The macroeconomic environment remains challenging due to the COVID-19 outbreak, falling oil prices, and geopolitical risks[51] Strategic Plans and Future Outlook - The company is actively seeking to diversify its customer base and expand existing capacity to meet higher demand in the Singapore steel structure industry[48] - The company plans to continue prudent expense management and regularly review business strategies to identify opportunities moving forward[49] - The company plans to enhance its market position in the steel construction industry in Singapore by increasing capacity and hiring more staff[51] Corporate Governance - The board is responsible for ensuring effective risk management practices to mitigate operational risks, with a focus on non-recurring contract nature and potential project delays[48] - The audit committee has been established since June 21, 2017, consisting of three independent non-executive directors[68] - The audit committee reviewed the unaudited performance for the nine months ended September 30, 2021, and provided opinions and recommendations[69] - The board of directors includes three executive directors and three independent non-executive directors as of the report date[70] Shareholder Information - As of September 30, 2021, the company’s major shareholders, Broadbville Limited, hold 331,790,000 shares, representing approximately 69.12% of the issued share capital[53] - There were no unexercised share options under the company's share option plan as of September 30, 2021[64] Dividends - The company did not recommend any dividend for the nine months ended September 30, 2021, consistent with the previous year where no dividend was declared[29][44] - The company does not recommend the payment of dividends for the nine months ending September 30, 2021[65] Regulatory Compliance - The company has adopted a code of conduct for securities trading, compliant with GEM listing rules, with no known violations[60] - The company has not indicated any significant impact from the adoption of new and revised International Financial Reporting Standards on its financial performance[16] Events After Reporting Period - No significant events occurred after the nine months ending September 30, 2021, up to the report date[66]

Revenue Performance - Revenue for the three months ended June 30, 2021, was SGD 6,493,295, a significant increase from SGD 358,452 in the same period of 2020, representing a growth of approximately 1,711%[8] - Revenue for the six months ended June 30, 2021, reached SGD 13,953,017, compared to SGD 3,297,019 for the same period in 2020, indicating a growth of about 323%[8] - For the six months ended June 30, 2021, the total revenue from steel structure services was SGD 13,953,017, a significant increase from SGD 3,297,019 for the same period in 2020, representing a growth of approximately 323%[22] - The company’s revenue from Singapore for the six months ended June 30, 2021, was SGD 13,953,017, compared to SGD 3,297,019 for the same period in 2020, demonstrating strong growth in the domestic market[24] - As of June 30, 2021, the group recorded unaudited revenue of approximately SGD 13,953,000, compared to SGD 3,297,000 in 2020, indicating a significant increase[60] - For the six months ended June 30, 2021, the group's revenue was approximately SGD 13,953,000, compared to SGD 3,297,000 for the same period in 2020, representing a significant increase[83] Profit and Loss - The gross loss for the three months ended June 30, 2021, was SGD 240,386, an improvement from a gross loss of SGD 338,159 in the same period of 2020[8] - The net loss for the six months ended June 30, 2021, was SGD 2,099,535, compared to a net loss of SGD 1,717,612 for the same period in 2020, reflecting a deterioration in performance[8] - The total comprehensive expenses for the six months ended June 30, 2021, amounted to SGD (2,108,184), compared to SGD (1,710,147) for the same period in 2020, reflecting an increase in expenses[12] - The company reported a pre-tax loss of SGD 1,356,961 for the three months ended June 30, 2021, compared to a loss of SGD 1,194,798 for the same period in 2020[30] - The group reported a loss of approximately SGD 2,100,000 for the six months ended June 30, 2021, compared to a loss of SGD 1,718,000 in 2020, reflecting an increase in loss of about SGD 382,000[60][63] - The group reported a loss of approximately SGD 2,100,000 for the six months ended June 30, 2021, an increase of about SGD 382,000 compared to a loss of SGD 1,718,000 in 2020[83] Cash Flow and Liquidity - The net cash used in operating activities for the six months ended June 30, 2021, was SGD (744,402), compared to a net cash inflow of SGD 1,907,456 for the same period in 2020, indicating a decline in cash flow from operations[14] - The cash and cash equivalents at the end of the period were SGD 3,382,804, down from SGD 2,005,561 at the end of June 30, 2020, showing a decrease in liquidity[14] - Cash and cash equivalents were approximately SGD 3,383,000 as of June 30, 2021, compared to SGD 7,555,000 as of December 31, 2020[64] Assets and Liabilities - Trade receivables increased to SGD 7,082,173 as of June 30, 2021, from SGD 5,155,488 as of December 31, 2020, showing a growth of approximately 37%[10] - Total assets decreased to SGD 26,776,118 as of June 30, 2021, from SGD 32,952,892 as of December 31, 2020, a decline of about 19%[10] - The company's net asset value as of June 30, 2021, was SGD 25,336,657, down from SGD 27,444,841 as of December 31, 2020, indicating a decrease of approximately 8%[11] - The total liabilities decreased to SGD 3,368,888 as of June 30, 2021, from SGD 6,085,655 as of December 31, 2020, reflecting a reduction of approximately 45%[11] - The group's current assets net value was approximately SGD 21,146,000 as of June 30, 2021, down from SGD 25,508,000 as of December 31, 2020[64] - Trade payables as of June 30, 2021, were SGD 3,681,807, a decrease from SGD 3,966,229 as of December 31, 2020[55] Employee Costs - Total employee costs for the six months ended June 30, 2021, amounted to SGD 2,103,519, significantly higher than SGD 1,413,104 for the same period in 2020, reflecting an increase of approximately 48.8%[30] - Total employee costs for the six months ended June 30, 2021, were approximately SGD 2,104,000, compared to SGD 1,413,000 in 2020[72] Government Support - The company received government subsidies of SGD 194,188 during the six months ended June 30, 2021, compared to SGD 115,293 for the same period in 2020, indicating increased support during the COVID-19 pandemic[26] Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2021, consistent with the previous year[33] - As of June 30, 2021, Mr. Wang Qingyou holds a 69.12% stake in the company through Broadbville Limited, which he fully owns[91] Future Outlook - The construction demand in Singapore is projected to range between SGD 23 billion and SGD 28 billion for 2021, showing a slight improvement despite not returning to pre-COVID levels[87] - Construction output is expected to increase from SGD 19.5 billion last year to approximately SGD 24 billion to SGD 27 billion in 2021, primarily due to project backlog caused by the pandemic[89] - New project bidding prices are anticipated to rise by approximately 6% to 10%, driven by labor shortages and increased costs of key construction materials[89] - The company aims to enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more staff[89] Corporate Governance - The audit committee was established on June 21, 2017, consisting of three independent non-executive directors[106] - The audit committee reviewed the unaudited performance for the six months ended June 30, 2021, and provided opinions on it[107] - The board of directors includes two executive directors, one non-executive director, and three independent non-executive directors[108]

GT STEEL Construction Group Limited (於開曼群島註冊成立的有限公司) 股份代號:8402 第一季度報告 2021 GT Steel Construction Group Limited 2021第一季度報告 GEM的定位乃為相比起聯交所上市的其他公司帶有更高投資風險的中小型公司提供上市的 市場。有意投資者應了解投資於此類公司的潛在風險，並應經審慎周詳考慮後方作出投資決 定。 由於在GEM上市的公司一般為中小型公司，在GEM買賣的證券可能會承受較於聯交所主板 買賣的證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM特色 本報告乃遵照聯交所GEM證 券 上 市 規 則（「GEM上 市 規 則」）的 規 定 提 供 有 關GT Steel Construction Group Limited（「本公司」，連同其附屬公司 ...

Financial Performance - The group's revenue decreased by 80.0%, from approximately SGD 50.85 million in 2019 to about SGD 10.15 million in 2020[12] - The after-tax loss for the year ended December 31, 2020, was approximately SGD 3.24 million, compared to an after-tax profit of about SGD 6.14 million in 2019[12] - Gross profit for the year was approximately SGD 178,000, a significant drop from SGD 11.81 million in 2019, primarily due to project delays caused by COVID-19[19] - Revenue for the year ended December 31, 2020, was approximately SGD 10,154,000, a significant decrease from approximately SGD 50,852,000 in 2019[22] - The group recorded a pre-tax loss of approximately SGD 3,619,000 for the year ended December 31, 2020, compared to a pre-tax profit of approximately SGD 7,681,000 for the year ended December 31, 2019[20] - The group's cash and cash equivalents amounted to approximately SGD 7,555,000 as of December 31, 2020, compared to SGD 1,870,000 in 2019[24] - The debt-to-equity ratio was approximately 22.2% as of December 31, 2020, up from 12.4% in 2019[25] Operational Challenges - The company experienced significant operational disruptions due to COVID-19, halting operations from April 7 to June 1, 2020, which severely impacted business and financial performance[46] - The company faced increased subcontracting costs due to isolation measures for foreign workers during the lockdown[19] - The group has no significant investments or major acquisitions during the year[26] Future Outlook - The construction demand in Singapore is expected to rise to SGD 28 billion in 2021, supported by public sector development projects[13] - The company anticipates a rebound in growth of 4% to 6% in 2021, benefiting from a low base in 2020[13] - The company plans to expand its market position in the steel structure industry in Singapore by increasing capacity and hiring more staff[14] - The company is actively seeking projects from other clients to diversify customer concentration risk and expand existing capacity[43] Corporate Governance - The board believes that the expiration of the application for a transfer to the stock exchange in June 2020 will not have a significant adverse impact on the company's operations or finances[47] - The company has adopted a board diversity policy to ensure a balance of skills, experience, and perspectives among board members[72] - The company has complied with the corporate governance code throughout the year ending December 31, 2020[64] - The company has established a nomination committee to identify candidates with integrity and relevant qualifications to effectively represent the interests of the group and shareholders[77] - The company emphasizes the importance of good corporate governance as a key element in managing its business[64] Risk Management - The company has adopted risk management policies and monitoring systems to mitigate identified risks associated with its operations[46] - The company is committed to ensuring compliance with relevant laws and regulations as part of its internal control system[101] - The board is responsible for establishing the risk management and internal control systems and reviewing their effectiveness[101] Environmental, Social, and Governance (ESG) Initiatives - The company has established a systematic management approach to assess, prioritize, and manage significant ESG issues[128] - The ESG committee is responsible for promoting ESG initiatives, collecting and calculating ESG data, and monitoring ESG-related matters in operations[125] - The company has obtained international standard certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007 to ensure quality and safety performance[119] - The company has implemented measures to reduce greenhouse gas emissions, including phasing out non-compliant vehicles and using energy-efficient equipment in manufacturing processes[138] - The company focuses on stakeholder engagement through various communication channels, addressing concerns such as legal compliance and business performance[130] Employee Management - The company has employed 124 staff as of December 31, 2020, down from 141 in 2019[30] - The total employee costs for the year were approximately SGD 3,309,000, compared to SGD 4,658,000 in 2019[33] - The employee turnover rate for the year was 16.1%, with a notable 45.2% turnover rate for employees under 30 years old[175] - The company provided approximately 200 hours of training to 61 employees, averaging 3.5 hours of training per employee[184] - The company has implemented a continuous training program aimed at achieving 100% training coverage for anti-corruption measures within four years[186] Supplier Management - As of December 31, 2020, the company engaged 71 material suppliers, 24 logistics service providers, and 29 subcontractors, collectively referred to as "key suppliers"[198] - The company has established a strict standardized procurement system and supplier selection process, considering environmental and social risk monitoring[198] - Environmental products and services are considered important indicators when selecting key suppliers, ensuring compliance with relevant environmental and social standards[200]

Financial Performance - For the three months ended September 30, 2020, the company reported revenue of SGD 2,830,759, a 16.3% increase compared to SGD 2,433,156 for the same period in 2019[7]. - The gross profit for the same quarter was SGD 397,603, down 86.9% from SGD 3,023,307 in Q3 2019[7]. - The company incurred a loss before tax of SGD 453,853 for the three months ended September 30, 2020, compared to a profit of SGD 1,560,009 in the same quarter of 2019[7]. - For the nine months ended September 30, 2020, total revenue was SGD 11,155,791, an increase of 37.5% from SGD 8,132,484 in the previous year[7]. - The net loss for the nine months ended September 30, 2020, was SGD 2,171,465, compared to a profit of SGD 4,885,287 for the same period in 2019[7]. - The company reported total comprehensive loss of SGD 2,164,000 for the nine months ended September 30, 2020, compared to a total comprehensive income of SGD 4,887,728 in the previous year[7]. - Basic loss per share for the third quarter was SGD (0.09), compared to earnings of SGD 0.27 in Q3 2019[7]. - For the three months ended September 30, 2020, the company reported a loss attributable to owners of SGD (453,853), compared to a profit of SGD 1,291,097 for the same period in 2019[48]. - For the nine months ended September 30, 2020, the loss attributable to owners was SGD (2,171,465), a significant decrease from a profit of SGD 4,885,287 in the same period of 2019[48]. - The adjusted net loss for the same period was approximately SGD 2,072,000, compared to an adjusted net profit of SGD 5,595,000 in 2019, representing a decline of approximately SGD 7,667,000[58]. - Gross profit for the nine months ended September 30, 2020, was approximately SGD 765,000, down from SGD 9,709,000 in 2019[52]. - The group recorded a pre-tax loss of approximately SGD 1,795,000, compared to a profit of SGD 6,784,000 in 2019, a decrease of approximately SGD 8,579,000[53]. Revenue Sources - For the three months ended September 30, 2020, revenue from steel structure services was SGD 2,830,759, a decrease of 74.6% compared to SGD 11,155,791 for the same period in 2019[25]. - For the nine months ended September 30, 2020, total revenue from steel structure services was SGD 6,127,778, down 84.6% from SGD 39,669,315 in the same period of 2019[25]. - Major clients contributing over 10% of total revenue included Client II, which generated SGD 2,551,862 in the three months ended September 30, 2020, and SGD 3,594,855 in the nine months ended September 30, 2020[26]. - The group primarily operated in Singapore, with total revenue from Singapore amounting to SGD 2,830,759 for the three months ended September 30, 2020, and SGD 6,127,778 for the nine months ended September 30, 2020[30]. Government Support and Other Income - The group received government subsidies of SGD 78,164 during the three months ended September 30, 2020, as part of the COVID-19 Employment Support Scheme[32]. - The group reported miscellaneous income of SGD 4,618 for the nine months ended September 30, 2020, compared to SGD 82,456 in the same period of 2019[32]. - Other income increased to approximately SGD 313,000 from SGD 186,000 in 2019, primarily due to the Singapore government's employment support scheme during the COVID-19 pandemic[52]. Cost Management - Total employee costs for the nine months ended September 30, 2020, amounted to SGD 1,905,366, down from SGD 3,724,208 in the same period of 2019, reflecting a reduction due to COVID-19 impacts[38]. - The company incurred financing costs of SGD 43,676 for the three months ended September 30, 2020, compared to SGD 33,169 for the same period in 2019[36]. - The company recognized material costs of SGD 1,016,247 for the three months ended September 30, 2020, down from SGD 3,417,562 in the same period of 2019[38]. - Depreciation of property, plant, and equipment recognized in service costs for the nine months ended September 30, 2020, was SGD 206,037, compared to SGD 344,396 in the same period of 2019[38]. - The group incurred selling and administrative expenses of approximately SGD 2,743,000, a decrease from SGD 3,006,000 in 2019[52]. Corporate Governance and Compliance - The board approved the unaudited financial information on November 12, 2020, indicating ongoing commitment to transparency and compliance[12]. - The company has adopted a code of conduct for securities trading by directors, compliant with GEM Listing Rules[78]. - The company has established an audit committee to provide independent opinions on financial reporting, internal controls, and risk management systems[87]. - The company believes it has maintained solid corporate governance practices throughout the nine months ended September 30, 2020[79]. Future Outlook and Strategy - The company continues to focus on expanding its market presence and enhancing its service offerings in the construction sector[10]. - The group continues to focus on its core business of providing construction services and is exploring opportunities for market expansion in Singapore and Malaysia[24]. - The construction industry in Singapore is expected to be driven by multiple infrastructure projects, which are part of the government's overall growth strategy[60]. - The group plans to enhance and solidify its market position in the Singapore steel structure industry by increasing capacity and meeting higher demands[60]. - The economic outlook for Singapore has been slightly downgraded, with the Ministry of Trade and Industry forecasting a GDP contraction of 5% to 7% for 2020[64]. - The group will continue to manage expenses prudently and review business strategies while seeking opportunities for growth[62]. Shareholder Information - As of September 30, 2020, Broadbville Limited holds 356,400,000 shares, representing 74.25% of the issued share capital of GT Steel Construction Group Limited[74]. - The company did not recommend any dividend for the nine months ended September 30, 2020, consistent with the previous year[44]. - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the nine months ended September 30, 2020[84]. - There were no unexercised share options under the share option scheme as of September 30, 2020, and no options have been granted, exercised, cancelled, or lapsed since its adoption[83]. - The position of Chief Executive Officer remains vacant, with responsibilities assumed by an executive director[81]. Events After Reporting Period - There were no significant events occurring after the nine months ended September 30, 2020, up to the report date[86].

Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 3,297,019, a decrease of 88.0% compared to SGD 28,513,524 for the same period in 2019[11] - Gross loss for the six months ended June 30, 2020, was SGD 367,097, compared to a gross profit of SGD 6,685,272 for the same period in 2019[11] - The company reported a net loss of SGD 1,717,612 for the six months ended June 30, 2020, compared to a profit of SGD 3,594,190 for the same period in 2019[11] - The total comprehensive income for the six months ended June 30, 2020, was SGD 3,594,190, compared to SGD 16,652,528 for the same period in 2019, representing a decrease of approximately 78.4%[30] - For the six months ended June 30, 2020, the company reported a loss attributable to owners of SGD 1,717,612, compared to a profit of SGD 3,594,190 for the same period in 2019[65] - The basic loss per share for the six months ended June 30, 2020, was SGD (0.36), compared to SGD 0.75 for the same period in 2019[65] - The group reported a loss before tax for the six months ended June 30, 2020, primarily due to the impact of COVID-19 on operations and project delays[58] Assets and Liabilities - Total assets as of June 30, 2020, were SGD 32,997,440, down from SGD 39,449,933 as of December 31, 2019, representing a decrease of 16.4%[12] - Current liabilities decreased to SGD 9,397,796 as of June 30, 2020, from SGD 14,594,393 as of December 31, 2019, a reduction of 35.5%[12] - Trade receivables as of June 30, 2020, were SGD 19,047,341, down from SGD 20,943,010 as of December 31, 2019, indicating a decrease of 9.0%[12] - Non-current assets decreased to SGD 7,730,530 as of June 30, 2020, from SGD 8,388,966 as of December 31, 2019, a decline of 7.8%[12] - The company reported a total equity of SGD 29,109,452 as of June 30, 2020, compared to SGD 29,093,158 as of June 30, 2019, showing a slight increase[30] - The company's current assets net value was approximately SGD 23.600 million as of June 30, 2020, compared to SGD 24.856 million on December 31, 2019[105] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2020, was SGD 1,907,456, a significant improvement from a net cash used of SGD (4,347,310) in the same period of 2019[32] - The total cash and cash equivalents at the end of June 30, 2020, amounted to SGD 2,005,561, compared to SGD 6,856,970 at the end of June 30, 2019, indicating a decrease of approximately 70.8%[32] - The company’s cash flow from investing activities for the six months ended June 30, 2020, was SGD (190,938), an improvement from SGD (3,636,034) in the same period of 2019[32] - Cash and cash equivalents amounted to approximately SGD 2.006 million as of June 30, 2020, compared to SGD 1.870 million on December 31, 2019[105] Operational Impact - The company suspended operations from April 7 to June 1, 2020, due to COVID-19, significantly impacting its business and financial performance[125] - The company anticipates that the collection of receivables from major customers will slow down due to COVID-19 related disruptions[76] - The group received government subsidies of SGD 115,293 during the six months ended June 30, 2020, as part of the employment support scheme due to COVID-19[51] Employee Costs - The group reported a total employee cost of SGD 1,413,104 for the six months ended June 30, 2020, down from SGD 2,320,672 in the same period of 2019, a decrease of about 39%[58] - The total employee cost for the six months ended June 30, 2020, was approximately SGD 1.413 million, a decrease from SGD 2.321 million in 2019[115] - The company reported short-term employee benefits of SGD 294,772 for the six months ended June 30, 2020, compared to SGD 372,286 for the same period in 2019[67] Strategic Decisions - The company has not provided specific guidance for future performance or new product developments in the report[11] - The company has decided not to proceed with the proposed transfer listing on the main board of the stock exchange as of July 13, 2020[55] - The company’s strategy includes expanding capacity and hiring personnel to meet higher demand in the construction sector[123] - The company will continue to manage expenses prudently and review business strategies to identify opportunities moving forward[126] Compliance and Governance - The company has adopted a code of conduct for securities trading by directors, compliant with GEM Listing Rules[138] - The company has maintained compliance with corporate governance codes during the reporting period[139] - The audit committee reviewed the unaudited results for the six months ended June 30, 2020[147] Market Conditions - The construction industry in Singapore is expected to see total construction demand increase to SGD 35 billion by 2023, despite the challenges posed by COVID-19[129] - The company plans to enhance and solidify its market position in the Singapore steel structure industry by increasing capacity and hiring more staff[123]

Financial Performance - For the three months ended March 31, 2020, the company reported a revenue of SGD 2,938,567, a decrease of 82.7% compared to SGD 16,829,401 in the same period of 2019[7]. - The gross profit for the first quarter of 2020 was SGD 705,256, down 81.8% from SGD 3,881,083 in the first quarter of 2019[7]. - The company incurred a loss of SGD 522,814 for the period, compared to a profit of SGD 2,331,170 in the same period last year, representing a significant decline[7]. - Total comprehensive income for the period was a loss of SGD 515,349, compared to a total comprehensive income of SGD 2,333,611 in the first quarter of 2019[10]. - The company recorded a net loss of approximately SGD 465,000 for the three months ended March 31, 2020, compared to a profit of SGD 2,484,000 in the same period of 2019, a decrease of approximately SGD 2,949,000[48]. - The company experienced a pre-tax loss of approximately SGD 188,000 for the three months ended March 31, 2020, compared to a profit of SGD 3,074,000 in the same period of 2019[48]. Revenue and Income Sources - Other income for the period was SGD 71,671, an increase of 52.8% compared to SGD 46,848 in the same period last year[7]. - Other income included insurance claims of SGD 29,245, government grants of SGD 9,597, and rental income of SGD 32,829, totaling SGD 71,671 for the first quarter of 2020[30]. - Major clients contributed significantly, with Client I generating SGD 1,117,951 and Client II generating SGD 1,042,993 in the first quarter of 2020[27]. - The group has not reported any revenue from Malaysia during the first quarter of 2020, compared to SGD 5,044 in the same period of 2019[28]. Expenses and Costs - Administrative expenses increased to SGD 864,874 in Q1 2020 from SGD 773,928 in Q1 2019, reflecting a rise of 11.7%[7]. - The company incurred approximately SGD 57,353 in expenses related to proposed listing transfer, down from SGD 152,551 in 2019[39]. - Sales and administrative expenses increased to approximately SGD 916,000 from SGD 820,000 in 2019, primarily due to increased depreciation from newly acquired facilities[47]. - Total employee costs for the three months ended March 31, 2020, were approximately SGD 1,067,446, down from SGD 1,152,900 in 2019[39]. - The company’s financing costs rose to SGD 49,237 from SGD 36,821, marking an increase of 33.5%[7]. Market and Industry Context - The construction industry in Singapore is expected to be driven by multiple infrastructure projects, continuing into the latter part of the next decade[59]. - The construction sector contracted by 4.3% year-on-year in the first quarter of 2020 due to the impact of COVID-19[63]. - The Ministry of Trade and Industry (MTI) revised Singapore's 2020 GDP growth forecast from -0.5% to 1.5% down to -4.0% to -1.0%, with a quarterly annualized contraction of 10.6% in Q1 2020[63]. Operational Changes and Future Plans - The group has suspended operations until June 1, 2020, due to government measures to curb COVID-19 transmission, significantly affecting its business and financial performance[63]. - The group plans to continue prudent expense management and regularly review business strategies to identify opportunities[62]. - The company is actively seeking projects from other clients to diversify customer concentration risk and expand existing capacity to meet higher demand[58]. - The group aims to enhance its market position in the Singapore steel structure industry by expanding production capacity and hiring more staff[59]. Governance and Compliance - The board is responsible for ensuring effective risk management practices to mitigate operational risks, including project delays and subcontractor risks[59]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[75]. - The audit committee reviewed the unaudited results for the three months ended March 31, 2020, and provided recommendations and opinions[86]. - The board of directors includes two executive directors and three independent non-executive directors as of the report date[87]. Shareholder Information - As of March 31, 2020, major shareholder Broadbville Limited holds 360,000,000 shares, representing approximately 75% of the issued share capital[70]. - The public holding of the company's issued share capital was at least 25% prior to the report's publication[83]. Dividends and Stock Options - The company did not recommend any dividend for the three months ended March 31, 2020, consistent with the previous year[40]. - No dividends were recommended for the three months ended March 31, 2020, compared to none in 2019[81]. - No stock options were granted under the stock option plan since its adoption on November 2, 2017, as of March 31, 2020[78]. Financial Reporting Standards - The group anticipates that the adoption of new and revised international financial reporting standards will not have a significant impact on future financial performance[20]. - The revised definitions of "material" in the international accounting standards are expected to influence the presentation and disclosure in the consolidated financial statements[22]. - The financial performance of the group has been impacted by the COVID-19 pandemic, with government support measures alleviating cost burdens[82].

Financial Performance - For the year ended December 31, 2019, the group's revenue increased by 1.5% to approximately SGD 50,852,000 from SGD 50,117,000 in 2018[17] - The group's profit after tax for the year ended December 31, 2019, was approximately SGD 6,143,000, compared to SGD 6,543,000 in 2018, excluding proposed transfer board expenses of approximately SGD 815,000[17] - Gross profit for the year ended December 31, 2019, was approximately SGD 11,813,000, with a gross margin maintained between 23.2% and 24.4%[26] - Selling and administrative expenses for the year ended December 31, 2019, were approximately SGD 4,168,000, a decrease of SGD 67,000 from SGD 4,235,000 in 2018, primarily due to reduced freight costs[26] - For the year ended December 31, 2019, the group recorded a profit before tax of approximately SGD 7,681,000, compared to SGD 8,025,000 in 2018, excluding proposed transfer board expenses of approximately SGD 815,000[28] - The profit after tax for the year ended December 31, 2019, was approximately SGD 6,143,000, a decrease of SGD 400,000 from the previous year's profit of approximately SGD 6,543,000[28] Market Position and Expansion Plans - The company plans to expand its market position in the Singapore steel structure industry by increasing production capacity and hiring more staff[20] - The group acquired all issued shares of Kay Huat Trading Company Private Limited for SGD 3,500,000 on September 5, 2019, to expand its construction business segment[32] - The group aims to enhance its market position in the Singapore steel structure industry by expanding production capacity and hiring more staff[49] Economic Environment - The macroeconomic environment is expected to be challenging due to COVID-19, falling oil prices, and escalating trade tensions[19] - The Singapore Ministry of Trade and Industry has downgraded the GDP growth forecast for 2020 to between -0.5% and 1.5%[19] - The group anticipates a challenging macro environment in 2020, with GDP growth forecasted to be between -0.5% and 1.5% due to COVID-19 and other geopolitical risks[55] - The overall economic growth in Singapore for 2019 was 0.7%, a slowdown from 3.4% in 2018[53] - The construction industry in Singapore grew by 2.8% in 2019, reversing a decline of 3.5% in 2018, driven by multiple public and private construction projects[54] Corporate Governance - The company has confirmed compliance with the corporate governance code throughout the year ending December 31, 2019[71] - The company has adopted a board diversity policy to ensure a balance of skills, experience, and perspectives among board members[77] - The board consists of five members, including two executive directors and three independent non-executive directors, all of whom attended 100% of the meetings[76] - The company emphasizes continuous professional development for directors to stay updated on their responsibilities and governance practices[91] - The company aims to enhance shareholder value through effective governance and strategic decision-making processes[95] - The board regularly reviews and evaluates the effectiveness of the internal control system, covering financial, operational, compliance, and risk management monitoring[118] Risk Management - The board is responsible for ensuring effective risk management practices to mitigate operational risks, including project delays and subcontractor-related risks[49] - The group has established business continuity plans to minimize the impact of potential disruptions caused by COVID-19[51] - An independent review of the risk management and internal control system was conducted for the fiscal year ending December 31, 2019, with several recommendations made for improvements[121] - The board believes that the internal control and risk management systems are effective, with no significant deficiencies identified[121] Environmental, Social, and Governance (ESG) Commitments - GT Steel Construction Group Limited is committed to high levels of corporate governance and social responsibility, adhering to international standards such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007[137] - The company has established an ESG working group to enhance ESG commitments and data collection systems, directly reporting to the board of directors[139] - The company has a strong commitment to environmental protection, adhering to all relevant waste disposal and pollution management regulations without any violations reported during the year[163] - The company has transitioned to electric vehicles to reduce air pollution from traditional diesel vehicles[154] - The company actively engages with stakeholders, including investors, employees, customers, suppliers, and regulatory bodies, to gather feedback and improve ESG performance[142] Employee Management and Training - The company has a total of 141 employees as of December 31, 2019, with one management departure and two new additions in the operational support team during the year[168] - Employee training programs are in place to enhance performance and development, with a focus on safety and operational efficiency[179] - GT Steel conducted at least 50 external training sessions, providing a total of 1,996 hours of training to employees[180] - The company has a diverse workforce, with 65% of employees aged between 18 to 35 years[171] Compliance and Ethical Standards - The group has a zero-tolerance policy towards corruption, including bribery, extortion, fraud, and money laundering, committing to operate with honesty and integrity[196] - The group prohibits employees from providing special treatment or soliciting benefits from clients, suppliers, or any business contacts, encouraging reporting of corruption incidents[199] - The group complies with all applicable laws and regulations regarding bribery, extortion, fraud, and money laundering, including Singapore's Prevention of Corruption Act[199] Community Engagement - The group is developing a community engagement policy to define its goals, roles, and methods for community participation, focusing on areas such as community education and family support[200]