Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 29,090,000, a decrease of 20.5% compared to SGD 36,524,000 in the same period of 2019[8] - Gross profit for the same period was SGD 3,879,000, down 46.5% from SGD 7,262,000 year-on-year[8] - Operating loss for the six months was SGD 2,000, compared to an operating profit of SGD 1,722,000 in 2019[8] - Net loss attributable to equity holders for the period was SGD 415,000, compared to a profit of SGD 1,085,000 in the previous year[8] - The group's contract revenue for the six months ended June 30, 2020, was SGD 29.09 million, a decrease of 20.4% from SGD 36.52 million for the same period in 2019[38] - The group reported a net loss before tax of SGD 67,000 for the six months ended June 30, 2020, compared to a profit of SGD 1.7 million in the same period of 2019[54] - The group reported a significant increase in revenue from property, plant, and equipment sales, contributing to its cash flow from investing activities[17] - The net profit attributable to owners decreased from approximately SGD 1.1 million for the six months ended June 30, 2019, to a loss of approximately SGD 0.4 million for the same period in 2020[133] Assets and Liabilities - Total assets as of June 30, 2020, amounted to SGD 60,378,000, an increase from SGD 44,474,000 at the end of 2019[11] - Total liabilities decreased slightly to SGD 31,372,000 from SGD 32,065,000 at the end of 2019[11] - The company reported contract assets of SGD 25,429,000 as of June 30, 2020, down from SGD 27,874,000 as of December 31, 2019, indicating a decrease of about 8.8%[89] - The company’s total liabilities, including contract liabilities, were SGD 25,424,000 as of June 30, 2020, compared to SGD 27,869,000 as of December 31, 2019, showing a decrease of about 8.8%[89] - Trade payables increased to SGD 9,993,000 as of June 30, 2020, compared to SGD 8,334,000 as of December 31, 2019, reflecting a rise of approximately 19.9%[100] Cash Flow and Financing - Cash and cash equivalents increased significantly to SGD 14,874,000 from SGD 2,628,000 at the end of 2019[11] - The company reported a net cash outflow from operating activities of SGD 7,222,000 for the six months ended June 30, 2020[17] - The company incurred a total of SGD 17,075,000 in loan repayments during the financing activities for the period[17] - The group had total available committed bank financing of approximately SGD 27.2 million as of June 30, 2020, with approximately SGD 7.0 million utilized[137] - The debt-to-equity ratio as of June 30, 2020, was 26.4%, a decrease from 48.7% as of December 31, 2019[144] Expenses and Cost Management - Administrative expenses decreased to SGD 5,038,000 from SGD 5,639,000 year-on-year, reflecting cost control measures[8] - Total employee costs for the six months ended June 30, 2020, were SGD 4.82 million, down from SGD 6.19 million in the same period of 2019, reflecting a decrease of 22.1%[57] - The service cost decreased by approximately 14.0% to about SGD 25.2 million for the six months ended June 30, 2020, aligning with the revenue decline[125] Shareholder Information - The company has a significant shareholder, Chua Boon Par, who holds 750,000,000 shares, representing 75% of the company's equity[163] - Ong Poh Eng, Neo Bee Ling, Pauline, Loke Yoke Mei, Lee Ling Wei, Sng Siew Luan, Emily, and Lim Bee Peng each hold 750,000,000 shares, also representing 75% of the equity due to their relationship with the major shareholder[166][167] Future Plans and Investments - The company plans to continue investing in new technologies and product development to enhance its service offerings in the interior design sector[20] - The group plans to establish production facilities in Malaysia to mitigate challenges in hiring skilled labor and rising subcontracting costs due to the pandemic[119] - The company plans to expand its service offerings, with SGD 4.2 million (32.3% of proceeds) allocated for this purpose by June 30, 2022[154] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules, except for the provision that the roles of Chairman and CEO should be held by different individuals[174] - The audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process[176] - There were no objections raised regarding the accounting principles and practices adopted by the group[176]
RAFFLESINTERIOR(01376) - 2020 - 中期财报