Financial Performance - Revenue for the six months ended December 31, 2020, was SGD 14,251,784, a decrease of 45.6% compared to SGD 26,172,657 for the same period in 2019[9] - Gross profit for the same period was SGD 1,793,832, down 66.1% from SGD 5,299,035 in 2019[9] - The company reported a profit before tax of SGD 343,390, a significant decline of 90.6% from SGD 3,654,931 in the previous year[9] - Net profit for the period was SGD 110,719, compared to SGD 2,903,930 in the prior year, representing a decrease of 96.2%[9] - Basic and diluted earnings per share were SGD 0.011, down from SGD 0.39 in the same period last year[9] - The group reported a net profit attributable to owners of approximately SGD 0.1 million for the six months ended December 31, 2020, down from approximately SGD 2.9 million in the previous year, a decrease of about 97.0%[118] Assets and Liabilities - Total assets as of December 31, 2020, were SGD 65,794,290, slightly up from SGD 64,646,167 as of June 30, 2020[11] - Current liabilities increased to SGD 29,099,244 from SGD 28,199,898, indicating a rise in short-term financial obligations[11] - Non-current assets decreased to SGD 2,024,487 from SGD 2,246,194, reflecting a reduction in long-term investments[11] - Trade receivables as of December 31, 2020, amounted to SGD 6,677,480, a significant increase from SGD 2,854,253 as of June 30, 2020[63] - The total contract assets increased to SGD 39,861,926 as of December 31, 2020, from SGD 39,632,362 as of June 30, 2020[76] - Contract liabilities decreased significantly from SGD 300,528 as of June 30, 2020, to SGD 23,754 as of December 31, 2020, reflecting improved cash flow management[76] Cash Flow and Management - The company reported a net cash flow from operating activities of SGD (1,667,510) for 2020, compared to SGD (6,160,247) in 2019, indicating an improvement in cash flow management[16] - Cash and cash equivalents at the end of the period increased to SGD 18,587,270 from SGD 3,099,326 in 2019, representing a growth of approximately 499.5%[16] - Cash and cash equivalents increased to SGD 18,587,270 as of December 31, 2020, from SGD 15,753,748 as of June 30, 2020, representing a growth of about 11.7%[87] Operational Efficiency and Strategic Initiatives - The company is focusing on strategic initiatives to enhance operational efficiency and explore new market opportunities moving forward[12] - The group has 30 projects on hand with a nominal or estimated contract value of approximately SGD 142.2 million, of which SGD 71.8 million has been recognized as revenue in prior years[102] - The group experienced significant delays in project progress due to COVID-19 restrictions, with only about 20% of ongoing projects allowed to resume work during the lockdown period[99] Government Support and Grants - Other income for the six months ended December 31, 2020, totaled SGD 619,672, a substantial increase from SGD 93,158 in the same period of 2019, primarily due to government grants related to COVID-19 support[32] - The company received government grants primarily to support local employees, covering 25% to 75% of monthly wages for eligible employees[32] Employee Costs and Workforce - Total employee costs for the six months ended December 31, 2020, were SGD 1,765,686, down from SGD 2,796,514 in the same period of 2019[38] - As of December 31, 2020, the total employee cost for the group was approximately SGD 1.8 million, down from SGD 2.8 million for the same period in 2019, reflecting a reduction in workforce from 175 to 139 employees[128] Shareholder and Corporate Governance - The company has adopted a share option scheme aimed at rewarding eligible individuals for their contributions and attracting talent since June 10, 2019, with no options granted, exercised, cancelled, or lapsed as of December 31, 2020[149] - The company has complied with the corporate governance code as per the listing rules for the six months ending December 31, 2020[150] - There were no purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries during the six months ending December 31, 2020[151] Future Outlook and Plans - The company plans to allocate SGD 7.1 million for acquiring a registered air conditioning and mechanical ventilation contractor, with SGD 3.5 million remaining after initial allocations[132] - The company plans to acquire ME01, a registered contractor for air conditioning and mechanical ventilation in Singapore, with an allocation of SGD 3.5 million expected to be fully utilized by June 30, 2023[136] - The board will closely monitor the impact of COVID-19 on the utilization timeline of the unutilized net proceeds and will report any significant changes to shareholders and potential investors[138]
坤集团(00924) - 2021 - 中期财报