Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 4,336,000, a decrease of 13% compared to SGD 4,970,000 in 2019[7] - Gross profit for the same period was SGD 460,000, down 70% from SGD 1,545,000 in 2019[7] - Operating profit for the six months was SGD 150,000, a significant improvement from an operating loss of SGD 64,000 in 2019[7] - Net profit attributable to owners for the period was SGD 126,000, compared to SGD 6,000 in the previous year, marking a substantial increase[7] - The group recorded a profit attributable to owners of the company of approximately 0.13 million SGD for the six months ended June 30, 2020, compared to 6,000 SGD in the same period in 2019[74] Assets and Equity - Total assets as of June 30, 2020, were SGD 44,932,000, slightly down from SGD 45,691,000 at the end of 2019[11] - Total equity attributable to owners was SGD 39,564,000, compared to SGD 39,452,000 at the end of 2019, indicating stability[11] - As of June 30, 2020, the group's total equity attributable to owners was approximately 39.56 million SGD, slightly up from 39.45 million SGD as of December 31, 2019[75] Cash Flow - Cash and cash equivalents increased to SGD 12,098,000 from SGD 11,780,000, showing a positive cash flow trend[11] - The net cash generated from operating activities for the six months ended June 30, 2020, was 1,126 thousand SGD, a decrease of 51.4% compared to 2,316 thousand SGD in the same period of 2019[15] - The cash and cash equivalents decreased by 2,506 thousand SGD, resulting in a balance of 9,129 thousand SGD as of June 30, 2020, down from 14,883 thousand SGD at the same time in 2019[15] Income and Expenses - Other income increased significantly to SGD 340,000 from SGD 31,000 in 2019, reflecting a growth of over 1000%[7] - Employee benefits expenses decreased to 1,884 thousand SGD from 2,060 thousand SGD year-on-year, reflecting a reduction of approximately 8.5%[37] - Administrative expenses decreased by approximately 0.01 million SGD or 0.56% to about 1.61 million SGD for the six months ended June 30, 2020[73] Market and Operational Impact - The company plans to focus on market expansion and new product development in the upcoming quarters[11] - The company’s Malaysian manufacturing facility was temporarily closed from March 18 to April 19, 2020, due to COVID-19, impacting production capacity[62] - The group's revenue for the six months ended June 30, 2020, decreased by approximately 0.63 million SGD or 12.76% compared to the same period in 2019, primarily due to the adverse impacts of the COVID-19 pandemic and related restrictions in Singapore and Malaysia[68] Shareholder Information - The major shareholder, Maotong Limited, acquired 602,000,000 shares, representing about 60.20% of the total issued share capital for a total consideration of HKD 252.84 million[98] - Li Thet holds a controlled interest in Maotong Limited, owning 602,340,000 shares, which is approximately 60.23% of the issued share capital[99] Governance and Compliance - The audit committee reviewed the group's unaudited interim results for the six months ending June 30, 2020, with no differing opinions from management[114] - The company has complied with the corporate governance code provisions as of June 30, 2020, after restructuring the roles of chairman and CEO[111] - All directors confirmed compliance with the securities trading code during the six months ending June 30, 2020[115]
FSM HOLDINGS(01721) - 2020 - 中期财报