Financial Performance - The group's revenue for the six months ended June 30, 2019, was approximately SGD 45.4 million, an increase of about 19.2% compared to SGD 38.1 million for the same period in 2018[6]. - Gross profit rose from approximately SGD 9.3 million for the six months ended June 30, 2018, to approximately SGD 10.7 million for the same period in 2019, representing an increase of about 15%[6]. - The pre-tax profit for the six months ended June 30, 2019, was SGD 3.36 million, compared to SGD 2.34 million for the same period in 2018, indicating a growth of approximately 43.6%[12]. - The net profit for the period was SGD 2.77 million, up from SGD 1.81 million in the previous year, reflecting an increase of about 53.2%[12]. - Total revenue for the six months ended June 30, 2019, was SGD 45,431,172, an increase of 19.4% compared to SGD 38,064,043 in the same period of 2018[35]. - Total comprehensive income for the six months ended June 30, 2019, was SGD 2,766,722, compared to SGD 1,806,094 in the same period of 2018[19]. - The company reported a basic earnings per share of SGD 0.277 for the six months ended June 30, 2019, compared to SGD 0.181 for the same period in 2018, representing an increase of approximately 53.0%[48]. - Profit after tax increased from approximately SGD 1.8 million to approximately SGD 2.8 million for the six months ended June 30, 2019[86]. Construction Demand and Market Outlook - The total construction demand in Singapore for 2019 is projected to be between SGD 27 billion and SGD 32 billion, with expectations of steady growth in the medium term[7]. - The group anticipates annual construction demand to reach SGD 27 billion to SGD 34 billion in 2020 and 2021, and SGD 28 billion to SGD 35 billion in 2022 and 2023[7]. - The group remains optimistic about the prospects of the road construction market and building support services market in Singapore[7]. Assets and Equity - The group's total assets as of June 30, 2019, were SGD 88.25 million, compared to SGD 79.64 million as of December 31, 2018, showing an increase of approximately 10.3%[14]. - The net asset value of the group increased to SGD 52.11 million as of June 30, 2019, from SGD 49.35 million as of December 31, 2018, representing a growth of about 5.6%[16]. - The equity balance increased from approximately SGD 49.3 million as of December 31, 2018, to approximately SGD 52.1 million as of June 30, 2019, due to profits recorded during the period[94]. Cash Flow and Financial Position - Operating cash flow for the six months ended June 30, 2019, was SGD 1,076,642, compared to a cash outflow of SGD 2,176,642 in the same period of 2018[22]. - The net cash increase for the period was SGD 78,915, contrasting with a decrease of SGD 8,641,482 in the first half of 2018[22]. - The company’s cash and cash equivalents at the end of the period were SGD 4,327,736, down from SGD 6,785,307 at the end of June 2018[22]. - The total interest-bearing loans as of June 30, 2019, were approximately SGD 33.0 million, an increase of about SGD 2.0 million from SGD 31.0 million as of December 31, 2018[94]. - The current ratio remained at approximately 1.7 times as of June 30, 2019, while the debt-to-equity ratio increased from approximately 0.9 times as of December 31, 2018, to approximately 1.1 times[94]. Costs and Expenses - Interest expenses for borrowings increased to SGD 999,979 in 2019 from SGD 686,895 in 2018, representing a growth of approximately 45.5%[40]. - Depreciation of property, plant, and equipment rose to SGD 2,896,840 in 2019, up from SGD 2,189,792 in 2018, indicating an increase of about 32.3%[44]. - Employee costs increased to SGD 9,290,228 in 2019, compared to SGD 8,498,467 in 2018, reflecting a rise of approximately 9.3%[44]. - Material costs recognized as expenses grew to SGD 22,480,790 in 2019 from SGD 18,762,076 in 2018, marking an increase of around 19.0%[44]. - Administrative expenses increased from approximately SGD 6.1 million to approximately SGD 6.3 million, mainly due to higher employee costs and increased depreciation[83]. - Financing costs rose by about 30% from approximately SGD 1.0 million to approximately SGD 1.3 million due to increased borrowings[84]. Other Financial Information - The company did not declare any dividends during the interim period, as determined by the board[47]. - The company’s income tax expense for the six months ended June 30, 2019, was SGD 597,000, compared to SGD 536,000 in 2018, representing an increase of approximately 11.4%[45]. - The total cost of acquiring property and machinery was SGD 3,316,506 for the six months ended June 30, 2019, compared to SGD 4,543,377 for the same period in 2018, reflecting a decrease of about 27.0%[51]. - The company did not engage in any buybacks or sales of its listed securities during the reporting period[124]. Corporate Governance and Compliance - The board confirmed compliance with corporate governance codes, although the roles of Chairman and CEO are held by the same individual, which is under review[123]. - The audit committee has reviewed the unaudited consolidated results for the first half of 2019 and found no discrepancies in accounting practices[125]. - The independent non-executive directors have confirmed their compliance with the trading code for securities transactions[120].
双运控股(01706) - 2019 - 中期财报