Financial Performance - The group's revenue for the six months ended April 30, 2024, decreased by 48.21% to approximately SGD 86.86 million from about SGD 167.73 million for the same period in 2023[4]. - The group recorded a net profit after tax of approximately SGD 644,000, a decline of about 66.74% compared to approximately SGD 1.94 million in the previous period[24]. - Revenue for the six months ended April 30, 2024, was SGD 86,859,000, a decrease of 48.3% compared to SGD 167,725,000 for the same period in 2023[48]. - Gross profit for the same period was SGD 3,216,000, down 17.5% from SGD 3,898,000 year-over-year[48]. - Net profit for the period was SGD 644,000, a significant decline of 66.8% from SGD 1,937,000 in the previous year[48]. - Basic and diluted earnings per share for the current period were SGD 0.04, compared to SGD 0.13 in the same period last year, reflecting a 69.2% decrease[48]. - The group reported construction contract revenue of SGD 86,859 thousand for the six months ended April 30, 2024, compared to SGD 167,725 thousand for the same period in 2023, representing a decrease of approximately 48.3%[160][162]. - The public sector revenue for the six months ended April 30, 2024, was SGD 31,280 thousand, down from SGD 37,254 thousand in 2023, indicating a decline of about 16.4%[162]. - The private sector revenue decreased significantly from SGD 130,471 thousand in 2023 to SGD 55,579 thousand in 2024, reflecting a drop of approximately 57.4%[162]. - The profit before tax for the six months ended April 30, 2024, was SGD 1,355 thousand, significantly lower than SGD 2,374 thousand for the same period in 2023, marking a decline of approximately 43%[183]. Cost and Expenses - The gross profit decreased from approximately SGD 3.90 million to SGD 3.22 million, a decline of about 17.44%, while the gross profit margin increased to 3.7% from 2.32% in the previous period[20]. - Other income for the group was approximately SGD 1.46 million, a decrease of about SGD 580,000 compared to the previous period[21]. - The company reported a total tax expense of SGD 711 thousand for the six months ended April 30, 2024, compared to SGD 437 thousand for the same period in 2023, indicating an increase of about 63%[192]. - The company recognized a provision of SGD 3,489,000 for unavoidable costs related to fixed-price construction contracts during the period, an increase from SGD 2,582,000 as of October 31, 2023[110]. - The company recorded a loss provision for contracts amounting to SGD 3,489,000, a significant increase from a provision of SGD 445,000 in the same period of 2023[129]. - The interest expenses increased to SGD 376,000 for the six months ended April 30, 2024, compared to SGD 262,000 in the same period of 2023[129]. Assets and Liabilities - Total assets as of April 30, 2024, amounted to SGD 158,171 thousand, a decrease from SGD 180,019 thousand as of October 31, 2023, representing a decline of approximately 12.1%[86]. - Trade receivables decreased to SGD 25,364 thousand from SGD 40,525 thousand, reflecting a reduction of about 37.4%[86]. - Total liabilities decreased to SGD 73,229 thousand from SGD 92,505 thousand, indicating a reduction of approximately 20.9%[88]. - Total equity as of April 30, 2024, was SGD 84,942 thousand, down from SGD 87,514 thousand, a decrease of about 3.6%[89]. - The total segment assets as of April 30, 2024, were SGD 69,034 thousand, compared to SGD 116,075 thousand as of October 31, 2023, indicating a reduction of approximately 41%[184]. - The total segment liabilities as of April 30, 2024, were SGD 50,453 thousand, down from SGD 65,425 thousand as of October 31, 2023, showing a decrease of around 23%[185]. Operational Highlights - The group maintained a healthy order book value of approximately SGD 312 million as of April 30, 2024, despite intense competition in the bidding process[17]. - The group has eight ongoing projects, with significant deliveries expected in 2024, including the Global Indian International School in Q2 and the Pilot Mechanical Biological Treatment Plant in Q3[2]. - The group is set to complete the Global Indian International School in Q2 2024 and the Pilot Mechanical Biological Treatment Plant in Q3 2024, enhancing its reputation in institutional projects[36]. - The group has successfully completed the construction of the North London Collegiate School, contributing positively to its track record in the international school market[36]. - The group aims to secure more bidding opportunities in the international school construction sector, supported by the Singapore government's initiatives[36]. Strategic Initiatives - The group plans to introduce low-risk loan financing to optimize capital costs due to the current economic environment of declining interest rates[25]. - The group plans to optimize land use and introduce location advantages in upcoming "on-demand construction" projects in collaboration with developers[36]. - The company plans to focus on market expansion and new product development to drive future growth[187]. - The company is collaborating with major logistics firms to develop new cold storage facilities due to high demand[60]. Governance and Shareholder Matters - The group has adopted good corporate governance practices to fulfill its responsibilities to shareholders and enhance shareholder value[39]. - The group has not declared any interim dividends for the six months ended April 30, 2024[7]. - The group has not granted or exercised any share options as of April 30, 2024[38]. - The company did not declare any dividends for the periods ended April 30, 2024, and April 30, 2023[196].
HPC HOLDINGS(01742) - 2024 - 中期业绩