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]

Financial Performance - For the three months ended September 30, 2019, the company reported revenue of SGD 11,155,791, a decrease of 42.8% compared to SGD 19,500,152 for the same period in 2018[7] - The gross profit for the three months ended September 30, 2019, was SGD 3,023,307, down 43.2% from SGD 5,320,816 in the same period last year[7] - The net profit for the three months ended September 30, 2019, was SGD 1,291,097, a decline of 44.8% compared to SGD 2,339,482 for the same period in 2018[7] - For the nine months ended September 30, 2019, the company achieved revenue of SGD 39,669,315, an increase of 7.2% from SGD 37,003,609 in the same period last year[7] - The net profit for the nine months ended September 30, 2019, was SGD 4,885,287, a decrease of 10.5% compared to SGD 5,456,604 for the same period in 2018[7] - The company reported a basic earnings per share of SGD 0.27 for the three months ended September 30, 2019, down from SGD 0.49 in the same period last year[7] - The total comprehensive income for the nine months ended September 30, 2019, was SGD 4,887,728, compared to SGD 5,456,604 for the same period in 2018[9] Revenue Sources - Revenue from steel structure services for the three months ended September 30, 2019, was SGD 11,155,791, a decrease of 43.1% compared to SGD 19,500,152 for the same period in 2018[22] - For the nine months ended September 30, 2019, revenue from steel structure services increased to SGD 39,669,315, up 7.2% from SGD 37,003,609 in the same period of 2018[22] - Major customer I contributed SGD 6,008,197 for the three months ended September 30, 2019, down 66.7% from SGD 18,030,969 in the same period of 2018[24] - Total revenue from Singapore for the three months ended September 30, 2019, was SGD 11,155,791, down 42.1% from SGD 19,185,446 in the same period of 2018[25] Costs and Expenses - Total employee costs for the nine months ended September 30, 2019, amounted to SGD 3.72 million, an increase from SGD 3.13 million in 2018[43] - Sales and administrative expenses for the nine months ended September 30, 2019, were approximately SGD 3.01 million, a decrease from SGD 3.88 million in 2018[44] - The company incurred professional service fees of approximately SGD 710,000 related to its proposed listing transfer during the nine months ended September 30, 2019[44] - The group incurred professional service fees related to the listing transfer amounting to SGD 188,000 for the three months ended September 30, 2019[29] Assets and Equity - The company’s total equity as of September 30, 2019, was SGD 30,384,255, reflecting an increase from SGD 24,413,072 as of September 30, 2018[9] - The group recognized a right-of-use asset of SGD 313,652 as of January 1, 2019, in accordance with the adoption of IFRS 16[19] Market and Strategic Focus - The company has been focusing on providing design, supply, manufacturing, and installation services for steel structures in various sectors, including industrial and commercial buildings[13] - The company’s operational headquarters is located in Singapore, indicating a strategic focus on the Southeast Asian market[13] - The company plans to expand its capacity and hire more staff to strengthen its market position in the steel structure industry in Singapore[57] - The demand for industrial space involving design and construction is anticipated to grow, potentially stimulating the steel structure market before 2024[56] - The company emphasizes the advantages of steel as a construction material, including its recyclability and lower labor intensity compared to concrete[56] Future Outlook - The total construction demand in Singapore for 2019 is expected to be between SGD 27 billion and SGD 32 billion, similar to the preliminary estimate of SGD 30.5 billion in 2018[54] - Public sector contributions to construction demand are projected to be between SGD 16 billion and SGD 20 billion annually from 2020 to 2023, with a balanced demand for building and civil engineering projects[56] - The company has secured a new project valued at SGD 10,600,000, which is set to commence in 2020[50] Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules for the nine months ended September 30, 2019[67] - The company has established an audit committee to assist the board in overseeing financial reporting, internal controls, and risk management systems[76] - The board consists of two executive directors and three independent non-executive directors as of the report date[77] Shareholder Information - As of September 30, 2019, Broadbville Limited holds 360,000,000 shares, representing approximately 75% of the issued share capital[63] - The company did not recommend any dividends for the nine months ended September 30, 2019, consistent with 2018[35] - The company did not recommend the payment of dividends for the nine months ended September 30, 2019[71] Acquisitions - On March 18, 2019, the company’s wholly-owned subsidiary G-Tech Metal entered into a share purchase agreement to acquire all issued shares of Kay Huat Trading Company Private Limited for SGD 3,500,000[72] - The acquisition is expected to enhance the company's production and manufacturing capacity, providing additional storage space for beams and steel to meet increasing demand[73] Risk Factors - The company is exposed to foreign exchange risk due to holding funds in Hong Kong dollars, which are subject to fluctuations against the Singapore dollar[47] Other Information - The company has not experienced any significant events after the nine months ended September 30, 2019, up to the report date[75] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the nine months ended September 30, 2019[66] - The compliance advisor has confirmed that there are no interests that need to be disclosed under GEM listing rules as of September 30, 2019[68] - The weighted average incremental borrowing rate applicable to lease liabilities as of January 1, 2019, was 4.79%[19] - The group reported a loss of SGD 510 from the sale of property, plant, and equipment for the nine months ended September 30, 2019[28]

Financial Performance - For the three months ended June 30, 2019, the company reported revenue of SGD 11,684,123, an increase of 4.7% compared to SGD 11,154,183 for the same period in 2018[8] - The gross profit for the six months ended June 30, 2019, was SGD 6,685,272, representing a 33.1% increase from SGD 5,026,291 in the previous year[8] - The net profit for the six months ended June 30, 2019, was SGD 3,594,190, up 15.3% from SGD 3,117,122 in the same period of 2018[8] - Basic earnings per share for the six months ended June 30, 2019, were SGD 0.75, compared to SGD 0.65 for the same period in 2018, marking a 15.4% increase[8] - Total comprehensive income for the six months ended June 30, 2019, was SGD 3,117,122, compared to SGD 3,594,190 for the same period in 2018, reflecting an increase in cumulative profits to SGD 16,652,528[14] - The profit before tax for the six months ended June 30, 2019, was SGD 3,594,190, compared to SGD 3,117,122 for the same period in 2018, reflecting an increase of 15.3%[44] - The group recorded a pre-tax profit of approximately SGD 5,037,000, an increase of 35.8% compared to SGD 3,708,000 for the same period in 2018[72] - The group's net profit after tax for the same period was approximately SGD 4,116,000, up 32.0% from SGD 3,117,000 in 2018[72] Assets and Liabilities - The company’s total assets as of June 30, 2019, were SGD 36,258,675, a slight decrease from SGD 37,263,534 at the end of 2018[10] - The company’s total liabilities decreased to SGD 30,494,582 from SGD 26,964,272 at the end of 2018, reflecting improved financial stability[12] - The company’s total equity as of June 30, 2019, was SGD 29,093,158, an increase from SGD 25,496,527 as of January 1, 2019[14] - The group’s current assets net value was approximately SGD 26,442,000 as of June 30, 2019, compared to SGD 22,900,000 on December 31, 2018[73] - The group’s total equity attributable to owners was approximately SGD 29,093,000 as of June 30, 2019, an increase from SGD 25,497,000 on December 31, 2018[76] Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to SGD 6,856,970 from SGD 16,962,802 at the end of 2018, indicating a significant reduction in liquidity[10] - The cash and cash equivalents at the end of June 30, 2019, were SGD 6,856,970, down from SGD 9,651,892 at the end of June 30, 2018[16] - The net cash used in operating activities for the six months ended June 30, 2019, was SGD (4,347,310), a significant increase from SGD (275,240) in the same period of 2018[16] - The company reported a net cash outflow from investing activities of SGD (3,636,034) for the six months ended June 30, 2019, compared to SGD (269,990) in the same period of 2018[16] - The group’s cash and cash equivalents were approximately SGD 6,857,000 as of June 30, 2019, down from SGD 16,963,000 on December 31, 2018[73] Revenue Sources - Revenue from steel structure services for the six months ended June 30, 2019, was SGD 28,513,524, up from SGD 17,503,457 in the same period of 2018, indicating a growth of approximately 63.5%[27] - Revenue from Singapore for the six months ended June 30, 2019, was SGD 28,508,480, an increase from SGD 15,847,988 in the same period of 2018, representing an increase of 80.5%[30] - Revenue from construction and installation services for the six months ended June 30, 2019, was approximately SGD 28,514,000, compared to SGD 17,503,000 in 2018[93] Expenses and Costs - The company reported a decrease in administrative expenses to SGD 1,596,093 for the six months ended June 30, 2019, down from SGD 1,252,786 in the previous year[8] - Total employee costs for the six months ended June 30, 2019, were SGD 2,320,672, an increase of 39.3% from SGD 1,666,155 in the same period of 2018[37] - The financing costs for the six months ended June 30, 2019, amounted to SGD 75,321, an increase of 32.0% from SGD 57,087 in the same period of 2018[35] Strategic Plans and Market Position - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and profitability[8] - The company aims to enhance its market position in the Singapore steel structure industry by expanding capacity and hiring more staff[97] - The group plans to purchase new manufacturing facility machinery in the fourth quarter of 2019[84] Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2019, consistent with the previous year[40] - The board does not recommend the payment of a dividend for the six months ended June 30, 2019[112] - As of June 30, 2019, the company’s directors and key executives hold a total of 360 million shares, representing approximately 75% of the issued share capital[100][104] - The company has adopted a share option scheme aimed at attracting, retaining, and rewarding qualified individuals, with no unexercised options as of June 30, 2019[111] Acquisitions and Investments - On March 18, 2019, the company entered into a share purchase agreement to acquire all issued shares of Kay Huat Trading Company Private Limited for SGD 3,500,000[113] - The acquisition aims to enhance the group's production and manufacturing capacity, providing additional storage space for beams and steel to meet increasing demand[113] - The group made a payment of SGD 3,500,000 related to the acquisition of Kay Huat Trading Company Private Limited[62] - The group acquired assets totaling approximately SGD 140,000 for the six months ended June 30, 2019, compared to SGD 88,000 in 2018[48] Regulatory and Compliance - The company has adopted IFRS 16 "Leases" effective January 1, 2019, which has impacted the financial performance and position of the group[21] - The audit committee has reviewed the unaudited results for the six months ended June 30, 2019, and provided feedback[118] - The board consists of two executive directors and three independent non-executive directors as of the report date[119] Market Outlook - The total construction demand in Singapore for 2019 is projected to be between SGD 27 billion and SGD 32 billion, with the value of contracts awarded in 2018 being SGD 30.5 billion[97] - Public institutions are expected to contribute SGD 16 billion to SGD 20 billion annually from 2020 to 2023, with a balanced demand for building construction and civil engineering projects[97] - The construction bureau is implementing an eco-building program, aiming to designate 80% of buildings in Singapore as "green buildings" by 2030[97] - Steel is highlighted as a highly recyclable material, with North America recycling more steel annually than the total of aluminum, paper, glass, and plastic combined[97] Other Information - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending June 30, 2019[106] - As of June 30, 2019, the group had no contingent liabilities or capital commitments[81][83] - No significant events occurred from June 30, 2019, until the report date[116]

Financial Performance - The company reported revenue of SGD 16,829,401 for the three months ended March 31, 2019, compared to SGD 6,349,274 for the same period in 2018, representing a 165% increase[8] - Gross profit for the first quarter of 2019 was SGD 3,881,083, up from SGD 1,752,563 in the first quarter of 2018, indicating a 121% growth[8] - The company achieved a profit before tax of SGD 2,921,431 for the first quarter of 2019, compared to SGD 1,114,505 for the same period in 2018, reflecting a 162% increase[8] - Net profit for the period was SGD 2,331,170, compared to SGD 953,565 in the first quarter of 2018, marking a 144% rise[8] - Basic earnings per share for the first quarter of 2019 were SGD 0.49, compared to SGD 0.20 for the same period in 2018, an increase of 145%[8] - The company reported total comprehensive income of SGD 2,333,611 for the first quarter of 2019, compared to SGD 953,565 in the same period of 2018[8] - The cost of services for the first quarter of 2019 was SGD 12,948,318, up from SGD 4,596,711 in the first quarter of 2018, reflecting a 182% increase[8] - Administrative expenses increased to SGD 773,928 in the first quarter of 2019 from SGD 674,212 in the same period of 2018[8] - Other income for the three months ended March 31, 2019, totaled SGD 46,848, down from SGD 91,358 in the same period of 2018, indicating a decrease of approximately 49%[26] - Selling and administrative expenses for the same period were approximately SGD 820,000, an increase of SGD 113,000 from SGD 707,000 in 2018, aligned with business growth[43] Equity and Assets - The company’s total equity as of March 31, 2019, was SGD 27,830,138, up from SGD 19,910,033 as of March 31, 2018[10] - The group recognized a right-of-use asset of SGD 313,652 as of January 1, 2019, following the adoption of IFRS 16[17] Customer Contributions - Major customer I contributed SGD 13,914,887 to total revenue for the three months ended March 31, 2019, while major customer II contributed SGD 2,250,988 in the same period of 2018[22] - Revenue from Singapore was SGD 16,824,357 for the three months ended March 31, 2019, up from SGD 5,252,658 in the same period of 2018, indicating a growth of approximately 220%[24] Tax and Financing - The income tax expense for the three months ended March 31, 2019, was SGD 590,261, significantly higher than SGD 160,940 for the same period in 2018, representing an increase of approximately 267%[32] - Financing costs increased to SGD 36,821 for the three months ended March 31, 2019, compared to SGD 22,121 for the same period in 2018, reflecting a rise of approximately 66%[31] - The group’s financing lease interest expense decreased to SGD 3,734 for the three months ended March 31, 2019, from SGD 5,224 in the same period of 2018, a decline of approximately 29%[31] Future Plans and Market Position - The company continues to focus on expanding its operations in the construction sector, providing design, supply, manufacturing, and installation services for steel structures[12] - The group aims to expand its capacity and workforce to strengthen its market position in the Singapore steel structure industry, driven by ongoing infrastructure projects[53] - The public sector is expected to contribute SGD 16 billion to SGD 20 billion annually from 2020 to 2023 for construction and civil engineering projects[56] Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules during the three months ending March 31, 2019[68] - The company has established an audit committee to oversee financial reporting, internal controls, and risk management[76] - The audit committee reviewed the unaudited results for the three months ending March 31, 2019, and provided recommendations[78] Shareholder Information - As of March 31, 2019, Broadbville Limited holds 360,000,000 shares, representing approximately 75% of the issued share capital[63] - The company is considering a proposal to transfer its listing from GEM to the main board of the stock exchange[57] - The company has entered into a share purchase agreement to acquire Kay Huat Trading Company Private Limited for SGD 3,500,000, expected to complete in Q2 2019[73] - The group did not declare any dividends for the three months ended March 31, 2019, consistent with the previous year[33] - No dividends were recommended for the three months ending March 31, 2019[71] - The company did not purchase, sell, or redeem any of its listed securities during the three months ending March 31, 2019[65] - The company has adopted a share option scheme to attract and retain qualified individuals, with no options granted or exercised since its adoption[70] - There were no significant events occurring after the financial period ending March 31, 2019[75] - The company has no known interests in any competing businesses by its directors or major shareholders during the review period[64]