Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 14,678,000, a decrease of 4.4% compared to SGD 15,347,000 in the same period of 2023[2] - Gross profit for the six months ended June 30, 2024, was SGD 3,865,000, down 16% from SGD 4,595,000 in 2023[2] - The net loss attributable to owners for the six months ended June 30, 2024, was SGD 374,000, compared to a profit of SGD 1,052,000 in the same period of 2023[3] - The company reported other income of SGD 141,000 for the six months ended June 30, 2024, down from SGD 263,000 in the same period of 2023[2] - Financing costs increased to SGD 200,000 for the six months ended June 30, 2024, compared to SGD 140,000 in the same period of 2023[2] - The company reported a net cash outflow from operating activities of SGD 3,285,000 for the six months ended June 30, 2024, compared to a cash inflow of SGD 738,000 for the same period in 2023[7] - The company incurred a loss before tax of SGD 272,000 for the six months ended June 30, 2024, compared to a profit of SGD 1,329,000 for the same period in 2023[7] - Basic loss per share for the six months ended June 30, 2024, was SGD (0.0016), compared to earnings per share of SGD 0.0127 in the same period of 2023[19] - For the six months ended June 30, 2024, the company recorded a loss of approximately SGD 374,000, compared to a profit of approximately SGD 1.05 million for the same period in 2023, primarily due to a revenue decrease of about SGD 600,000[40][48] - Revenue decreased by approximately SGD 600,000 or about 3.9% to approximately SGD 14.7 million for the six months ended June 30, 2024, down from approximately SGD 15.3 million for the same period in 2023, mainly due to a reduction in sales volume of frozen products[42] - Overall gross profit decreased by approximately SGD 700,000 or about 7.0% to approximately SGD 3.9 million for the six months ended June 30, 2024, with the gross profit margin declining from 29.9% to 26.3%[44] Assets and Liabilities - Total current assets increased to SGD 23,896,000 as of June 30, 2024, from SGD 14,025,000 as of December 31, 2023[4] - Total assets less current liabilities amounted to SGD 35,208,000 as of June 30, 2024, compared to SGD 20,961,000 as of December 31, 2023[5] - Cash and cash equivalents significantly increased to SGD 9,044,000 as of June 30, 2024, from SGD 1,607,000 as of December 31, 2023[4] - Non-current liabilities decreased to SGD 7,025,000 as of June 30, 2024, from SGD 7,202,000 as of December 31, 2023[5] - The company's equity increased to SGD 28,183,000 as of June 30, 2024, compared to SGD 13,759,000 as of December 31, 2023[5] - The company’s total liabilities decreased from SGD 6,773,000 as of January 1, 2024, to SGD 7,147,000 as of June 30, 2024, reflecting a slight increase of approximately 5.5%[6] - The company reported a goodwill impairment loss of SGD 2,554,000 as of June 30, 2024, compared to SGD 2,485,000 at the end of 2023[23] Cash Flow and Financing - The financing activities generated a net cash inflow of SGD 11,108,000, primarily from a rights issue that raised SGD 17,206,000[8] - The company’s cash and cash equivalents increased to SGD 9,044,000 as of June 30, 2024, up from SGD 2,820,000 at the end of the previous year, representing a growth of approximately 220%[8] - The total borrowings as of June 30, 2024, were approximately SGD 7.5 million, down from SGD 10.9 million as of December 31, 2023, resulting in a debt-to-equity ratio of approximately 26.6%[53] - The net proceeds from the rights issue have been allocated as follows: SGD 18,000 for repayment of notes, SGD 18,000 for mergers and acquisitions, and SGD 14,904 for working capital[62] Expenses - Selling and distribution costs increased by approximately SGD 200,000 or about 15.4% to approximately SGD 1.5 million for the six months ended June 30, 2024, primarily due to increased advertising and promotional expenses[45] - Administrative and other operating expenses rose by approximately SGD 500,000 or about 23.8% to approximately SGD 2.6 million for the six months ended June 30, 2024, attributed to increases in salaries and other operating costs[46] - The company’s depreciation expenses for property, plant, and equipment amounted to SGD 355,000, down from SGD 522,000 in the previous year, indicating a reduction of approximately 32%[7] - Financing costs increased by approximately SGD 60,000 or about 42.9% to approximately SGD 200,000 for the six months ended June 30, 2024, mainly due to increased interest expenses on promissory notes[47] Share Capital and Equity - The issued share capital increased from 83,092,000 shares to 99,652,000 shares after a placement of 16,560,000 shares at a price of 0.5 HKD per share[30] - The company raised approximately 100.2 million HKD (about 17.4 million SGD) through a rights issue of 298,956,000 shares at a subscription price of 0.335 HKD per share[30] - The total issued share capital is expected to reach 398,606,168 shares by June 30, 2024, following the completion of the rights issue[30] - The company has not granted or exercised any stock options during the reporting period[33] Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM listing rules during the six months ending June 30, 2024[72] - All directors confirmed compliance with the trading standards for securities transactions as of June 30, 2024[73] - The audit committee reviewed the interim report and financial statements for the six months ending June 30, 2024, ensuring adherence to applicable accounting standards and regulations[74] Employee and Management - As of June 30, 2024, the group employed 64 employees, with total employee costs (including directors' remuneration) amounting to approximately SGD 2.0 million, an increase from SGD 1.5 million for the same period in 2023[61] - The total compensation for directors and key management personnel increased from 454,000 SGD to 477,000 SGD, with short-term employee benefits rising from 431,000 SGD to 451,000 SGD[35] Market and Business Operations - The company’s main business operations are focused on the supply of food and healthcare products, with its registered office located in the Cayman Islands[9] - The company is exploring diverse opportunities to broaden revenue sources and enhance market share despite ongoing geopolitical risks and economic uncertainties[41]
COOL LINK(08491) - 2024 - 中期财报