Revenue Performance - Revenue decreased by approximately 79.4 million MYR or 46.5% to about 91.3 million MYR for the six months ended December 31, 2019, compared to approximately 170.7 million MYR for the same period in 2018[20]. - Revenue from offshore construction services decreased by approximately 65.5% to about 36.1 million Ringgit for the six months ended December 31, 2019, compared to approximately 104.7 million Ringgit for the same period in 2018[21]. - Revenue from reclamation and related works accounted for about 25.2% of total offshore construction services revenue, decreasing by approximately 13.3% to about 9.1 million Ringgit[21]. - Revenue from offshore transportation services represented about 74.8% of total offshore construction services revenue, declining by approximately 71.3% to about 27.0 million Ringgit[22]. - Revenue from building and infrastructure services accounted for approximately 60.5% of total revenue, decreasing by about 16.2% to approximately 55.2 million Ringgit[25]. - For the six months ended December 31, 2019, the company reported revenue of 91,308 thousand MYR, a decrease from 170,652 thousand MYR in the same period of 2018, representing a decline of approximately 46.4%[94]. Contractual Activities - The group completed a total of 3 offshore construction contracts with an original contract value of approximately 7.8 million MYR and 5 building and infrastructure contracts with an original contract value of approximately 50.1 million MYR during the six months ended December 31, 2019[18]. - As of December 31, 2019, the group had 6 ongoing offshore construction contracts with an original contract value of approximately 500.7 million MYR and 11 ongoing building and infrastructure contracts with an original contract value of approximately 483.0 million MYR[18]. - The group submitted 1 quotation for offshore construction contracts and 10 tenders and 5 quotations for building and infrastructure contracts, with an original contract value of approximately 782.3 million MYR during the six months ended December 31, 2019[18]. - The expected total contract value for 10 submitted tenders and 6 quotations as of December 31, 2019, is approximately 1,076.1 million MYR[19]. - The group was awarded 5 contracts with an original contract value of approximately 40.4 million MYR, of which 3 were granted by new clients[19]. Financial Performance - Gross profit decreased by approximately 13.6% to about 14.6 million Ringgit, while overall gross profit margin increased from 9.9% to 16.0%[26]. - The company recorded a profit attributable to owners of approximately 4.2 million Ringgit, a decrease of about 3.1 million Ringgit compared to the previous period[34]. - The company did not recommend an interim dividend for the six months ended December 31, 2019[35]. - The company confirmed additional impairment of approximately 2.2 million Ringgit for overdue trade receivables and contract assets for the six months ended December 31, 2019[30]. - The company reported a net cash outflow from operating activities of MYR (2,221,000) for the six months ended December 31, 2019, compared to a cash inflow of MYR 8,218,000 in the same period of 2018[104]. - The company incurred a net loss of MYR 2,709,000 due to the initial application of HKFRS 9, impacting retained earnings[101]. - The company’s total comprehensive income for the period was MYR 7,073,000, compared to a loss of MYR 195,000 in the previous year[101]. Liquidity and Financial Position - As of December 31, 2019, the company had cash and cash equivalents of approximately 105.6 million Ringgit, a decrease from 114.6 million Ringgit as of June 30, 2019[38]. - The current ratio remained stable at approximately 1.7 times as of December 31, 2019, compared to 1.6 times as of June 30, 2019[39]. - The debt-to-equity ratio increased from approximately 2.1% as of June 30, 2019, to about 5.6% as of December 31, 2019, primarily due to increased bank loans and lease liabilities[39]. - The group maintained a robust liquidity position, with no significant changes in capital structure as of December 31, 2019[40]. - The company’s cash deposits with licensed banks amounted to approximately 6,964,000 LKR as of December 31, 2019, an increase from 5,593,000 LKR as of June 30, 2019[15]. Operational Challenges - The decrease in revenue was primarily due to the completion of several major contracts, which contributed significantly to the revenue for the six months ended December 31, 2018[20]. - The group faced delays in new contract commencements due to clients needing more time to obtain government approvals for offshore construction projects and changes in client design layouts[20]. - The company is focused on enhancing its operational efficiency and addressing challenges posed by adverse weather conditions and client-driven schedule changes[20]. Shareholder Information - As of December 31, 2019, major shareholders included JBB Jade Investment Limited and JBB Berlian Investment Limited, holding 36.36% and 32.25% of the issued share capital, respectively[84]. - The company maintained a sufficient public float of at least 25% of its issued shares as required by the listing rules[86]. Future Outlook - The company remains optimistic about future prospects, with no contracts canceled since the start of the fiscal year ending June 30, 2020, despite facing challenges[59]. - The Malaysian government is expected to announce a fiscal stimulus package to boost the economy and mitigate negative impacts from the pandemic and other uncertainties[59]. - The company plans to focus on existing projects in Johor Bahru while seeking new business opportunities in both public and private sectors[60]. Accounting Standards and Compliance - The group adopted new and revised Hong Kong Financial Reporting Standards effective from July 1, 2019, including HKFRS 16 on leases, which introduces a single accounting model for lessees[113]. - The initial impact of adopting HKFRS 16 resulted in adjustments to the right-of-use assets and lease liabilities as of July 1, 2019[115]. - The company recognized a lease liability of 2,486 thousand HKD as of July 1, 2019, with 1,215 thousand HKD classified as current and 1,271 thousand HKD as non-current[128]. Employee and Management Information - As of December 31, 2019, the company had approximately 74 full-time employees, a slight decrease from 76 employees as of June 30, 2019[56]. - The total remuneration for key management personnel, including executive directors, was 1,494,000 LKR for the six months ended December 31, 2019, up from 648,000 LKR in the previous year[200].
JBB Builders(01903) - 2020 - 中期财报