Financial Performance - Revenue for the third quarter of 2019 was SGD 7,437,633, a decrease of 28.1% compared to SGD 10,340,150 in the same period of 2018[17] - Gross profit decreased to SGD 1,223,442, representing a decline of 71.9% from SGD 4,351,428 year-on-year[17] - The company reported a loss before tax of SGD (3,086,372), compared to a profit of SGD 153,041 in the previous year[17] - For the three months ended February 28, 2019, the company reported a revenue of SGD 4,997,819, a decrease from SGD 5,988,722 in the same period of 2018, representing a decline of approximately 16.5%[23] - The gross profit for the same period was SGD 1,712,714, compared to SGD 4,351,428 in 2018, indicating a significant drop of about 60.7%[23] - The net loss for the three months ended February 28, 2019, was SGD 3,298,719, compared to a profit of SGD 205,770 in the previous year, marking a substantial change in performance[23] - The total comprehensive income for the period was SGD 212,432, a decrease from SGD 156,681 in the same period of 2018, reflecting a decline of approximately 35.6%[23] - The company reported a total revenue of SGD 7,437,633 for the nine months ended February 28, 2019, down from SGD 10,340,150 in the same period of 2018, representing a decrease of about 28.0%[23] - The company incurred research and development costs of SGD 923,988 for the three months ended February 28, 2019, compared to SGD 1,022,856 in the same period of 2018, showing a reduction of approximately 9.7%[23] - The company reported a pre-tax loss of 3,294,724 SGD for the current period, compared to a profit of 205,675 SGD in the previous period[62] Revenue Sources - Revenue from external customers for the Simplicity and myBill segment was 5,804,757 SGD, while for Starlight it was 1,541,013 SGD, and for SpaceMonster it was 91,863 SGD, totaling 7,437,633 SGD for 2019[60] - Revenue from Singapore for the nine months ended February 28, 2019, was SGD 6,708,257, down 32% from SGD 9,989,900 in the previous year[64] - Revenue from China contributed SGD 550,350 for the nine months ended February 28, 2019, marking the first revenue from this market[64] - Simplicity total revenue decreased by 7.5% to 5,529,583 SGD compared to 5,977,490 SGD for the same period last year[91] - Simplicity recurring service revenue dropped by 25.1% to 1,343,489 SGD from 1,794,580 SGD year-over-year[91] - Starlight total revenue decreased by 64.6% to 1,541,013 SGD from 4,358,670 SGD in the previous year[97] - SpaceMonster revenue increased by 1,357% to 91,863 SGD due to rising demand for shared space services[105] - myBill generated 275,174 SGD in revenue since its launch, reflecting steady growth in the open electricity market[102] Strategic Focus - The decline in revenue was attributed to delays in the Starlight project launch and the introduction of new project implementation methods[17] - Despite the revenue decrease, the myBill and SpaceMonster products continued to show steady growth, partially offsetting losses from Starlight and Simplicity[17] - The company is intensifying efforts to expand into international markets to achieve higher revenue growth[17] - The company is focusing on maintaining a healthy pipeline from existing customers, particularly for the Simplicity product[17] - The overall financial performance indicates a need for strategic adjustments to improve profitability and revenue generation moving forward[17] - The company aims to expand its Simplicity software sales and delivery into the Chinese market, which has already contributed SGD 550,350 in revenue[87] - The company continues to focus on providing value-added services to existing customers while expanding into overseas markets[87] Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders through robust corporate governance practices[146] - The company has adhered to the corporate governance code provisions from the listing date to the report date[147] - The board decided not to declare a dividend for the nine months ended February 28, 2019, consistent with the previous year[148] - The audit committee, established on November 24, 2016, consists of three independent non-executive directors, with Mr. Li Wenwei as the chairman[151] - The financial statements for Q3 2019 were reviewed by the audit committee but not audited by the company's external auditors[151] Shareholder Information - As of February 28, 2019, the total issued share capital was 399,158,496 shares[125] - Liu Yijun holds a beneficial interest in 45,500,000 shares, representing approximately 12.64% of the company's issued share capital[124] - Wang Ruixing holds a beneficial interest in 22,750,000 shares, representing approximately 6.94% of the company's issued share capital[124] - The company has granted 31,179,876 shares under the pre-IPO share option plan to 11 participants, including two directors and four senior management personnel[138] - The pre-IPO share options can be exercised at approximately SGD 0.01 or SGD 0.07 per share, depending on circumstances, and are exercisable in four tranches annually[138] - As of February 28, 2019, there were no unexercised pre-IPO share options[139] - The company has adopted a post-IPO share option plan, which has not resulted in any grants, exercises, or cancellations as of the report date[140] - There were no repurchases, sales, or redemptions of the company's listed securities during the reporting period[144]
安科系统(08353) - 2020 Q3 - 季度财报