Financial Performance - The group's revenue for the six months ended June 30, 2019, was approximately SGD 52.3 million, a decrease of about 6.5% compared to SGD 55.9 million in the previous period[10] - Gross profit increased by approximately 2.2% to about SGD 3.4 million, with a gross profit margin of approximately 6.4%, compared to 5.9% in the previous period[10] - The group's net profit after tax for the period was approximately SGD 1.1 million, down from SGD 1.8 million in the previous period[11] - Revenue for the six months ended June 30, 2019, was SGD 52,295,130, a decrease of 6.4% compared to SGD 55,906,929 in 2018[54] - Gross profit increased to SGD 3,345,382, up 2.2% from SGD 3,274,110 in the previous year[54] - The net profit for the period was SGD 1,059,700, down 39.5% from SGD 1,750,977 in 2018[54] - Basic and diluted earnings per share decreased to SGD 0.13 from SGD 0.22, representing a decline of 40.9%[54] - Other income for the six months ended June 30, 2019, totaled SGD 287,047, compared to SGD 137,278 in 2018, reflecting a significant increase[101] - Financing costs for the six months ended June 30, 2019, were SGD 265,274, compared to SGD 61,014 in 2018[105] - The company reported a profit attributable to owners of SGD 1,059,700 for the six months ended June 30, 2019, down from SGD 1,750,977 in 2018[113] - Basic and diluted earnings per share for the six months ended June 30, 2019, were SGD 0.13, compared to SGD 0.22 in the previous year[113] Cash Flow and Liquidity - As of June 30, 2019, the group had cash and cash equivalents of approximately SGD 27.9 million, a decrease of about SGD 4.4 million from SGD 32.3 million as of December 31, 2018[30] - Cash and cash equivalents decreased by SGD 4,346,843, resulting in a year-end balance of SGD 27,888,701 compared to SGD 38,743,860 in the previous year[66] - The company’s cash balance at the beginning of the year was SGD 32,321,841, slightly up from SGD 32,231,219 in 2018[66] - The impact of foreign exchange on cash balances was a decrease of SGD (86,297) in 2019, contrasting with an increase of SGD 220,217 in 2018[66] - The group’s cash flow statement reported cash and cash equivalents of SGD 27,888,701 for the six months ended June 30, 2019, compared to SGD 32,321,841 for the same period in 2018[137] Assets and Liabilities - Total assets as of June 30, 2019, were SGD 50,713,044, compared to SGD 56,239,203 at the end of 2018, reflecting a decrease of 9.8%[57] - Non-current assets decreased to SGD 38,346,605 from SGD 35,778,999, indicating an increase of 4.2%[57] - Current liabilities decreased to SGD 29,856,837 from SGD 34,041,134, a reduction of 12.3%[58] - The total borrowings as of June 30, 2019, were SGD 16,795,100, an increase of 3.3% from SGD 16,264,466 as of December 31, 2018[142] - The company’s total liabilities increased due to higher borrowings and lease liabilities following the adoption of IFRS 16[79] Business Strategy and Operations - The group plans to expand its business and strengthen its market position in the Singapore construction industry, aiming to secure larger contracts and enhance its workforce[25] - The group is actively using Building Information Modeling (BIM) technology, upgrading from 3D to 5D, and integrating other smart office technologies[26] - The company plans to focus on market expansion and new product development to drive future growth[54] - The company is focused on construction contracts, with revenue and profit recognition based on the progress of contract completion[84] - Management has indicated that actual results may differ from estimates, which could impact future revenue and profit recognition[84] - The company is continuously reviewing its accounting estimates and assumptions, which may affect the financial statements in future periods[81] Shareholder Information - As of June 30, 2019, Mr. Yang holds 409,050,000 shares, representing 51.13125% of the company's equity[35] - Ms. Han owns 136,350,000 shares, accounting for 17.04375% of the company's equity[35] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[51] - The company has adopted the corporate governance code and has been compliant with all applicable provisions during the reporting period[47] - The company has confirmed adherence to the standard code for securities trading by all directors during the reporting period[48] Dividends and Securities - The board does not recommend the payment of any dividends for the current period, consistent with the previous period's zero dividend[50] - The company has not conducted any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[45] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[46] - No stock options have been granted under the share option scheme since its adoption on August 17, 2017, and there are no unexercised options as of June 30, 2019[44] Trade and Receivables - The company reported a decrease in trade receivables by SGD 4,005,967, compared to a decrease of SGD 1,605,342 in 2018[64] - Trade receivables for unbilled revenue amounted to SGD 1,635,719 as of June 30, 2019, a significant decrease from SGD 5,641,686 as of December 31, 2018[119] - The expected credit loss on trade receivables was deemed not significant by the board as of June 30, 2019[123] - The group’s trade receivables from related parties decreased to SGD 194,881 as of June 30, 2019, from SGD 1,432,626 as of December 31, 2018[135] Contractual Obligations - As of June 30, 2019, the group had provided guarantees of approximately SGD 28.3 million for customer contracts[22] - The company expects to recognize 53% of the transaction price allocated to uncompleted contracts, amounting to SGD 101,950,020, in the next reporting period[97] - Contract assets increased to SGD 19,920,208 as of June 30, 2019, up from SGD 15,105,683 as of December 31, 2018[124] - Contract liabilities decreased to SGD (307,921) as of June 30, 2019, compared to SGD (2,107,036) as of December 31, 2018[133]
BHCC HOLDING(01552) - 2019 - 中期财报