Financial Performance - Total revenue for the six months ended June 30, 2019, was SGD 25,361,949, an increase of 15.4% compared to SGD 21,934,069 for the same period in 2018[5] - Gross profit for the same period was SGD 5,662,004, representing a 57.7% increase from SGD 3,587,942 in 2018[5] - The net profit after tax for the six months ended June 30, 2019, was SGD 693,501, a significant recovery from a loss of SGD 1,308,375 in the previous year[5] - Basic and diluted earnings per share for the period were 0.06 cents, compared to a loss of 0.11 cents per share in 2018[5] - For the six months ended June 30, 2019, the company reported a pre-tax profit of SGD 835,543, a significant recovery from a loss of SGD (1,308,375) in the same period of 2018[10] - The operating cash flow before changes in working capital for the first half of 2019 was SGD 3,156,619, compared to a negative cash flow of SGD (961,688) in the prior year[10] - The net cash generated from operating activities for the six months ended June 30, 2019, was SGD 4,907,221, a substantial improvement from SGD (2,481,767) in 2018[11] - The total revenue for the six months ended June 30, 2019, was SGD 25,361,949, compared to SGD 21,934,069 for the same period in 2018, representing an increase of approximately 15.5%[23] - The group recorded a profit of approximately SGD 0.7 million in the first half of 2019, compared to a loss of approximately SGD 1.3 million in the first half of 2018[51] Assets and Liabilities - Non-current assets as of June 30, 2019, totaled SGD 15,394,045, an increase from SGD 5,178,933 as of December 31, 2018[6] - Current liabilities increased to SGD 30,486,757 from SGD 28,626,685 in the previous period[6] - Total equity as of June 30, 2019, was SGD 25,581,661, up from SGD 24,888,160 at the end of 2018[6] - The total assets as of June 30, 2019, amounted to SGD 25,581,661, reflecting an increase from SGD 24,888,160 in 2018[10] - The group’s total lease liabilities were approximately SGD 12.3 million, a significant increase from SGD 0.3 million as of December 31, 2018, due to the adoption of IFRS 16[55] - The group's debt-to-equity ratio as of June 30, 2019, was approximately 48.1%, compared to 1.4% as of December 31, 2018[55] Income and Expenses - The company reported a significant increase in other income to SGD 1,131,555 from SGD 523,925 in the previous year[5] - The total other income for the six months ended June 30, 2019, was SGD 1,131,555, compared to SGD 523,925 in the same period of 2018, representing an increase of approximately 115%[24] - Interest income significantly increased to SGD 635,268 for the six months ended June 30, 2019, compared to SGD 8,287 in the same period of 2018, marking a substantial rise of over 7,600%[24] - Administrative expenses rose from approximately SGD 5.6 million in the first half of 2018 to approximately SGD 6.0 million in the first half of 2019, mainly due to increased maintenance costs and staff salaries[48] - The company incurred depreciation expenses of SGD 485,896 for property, plant, and equipment, slightly up from SGD 482,815 in the previous year[10] - Financing costs increased by approximately SGD 0.3 million due to the adoption of IFRS 16, which replaced operating lease expenses with financing costs and depreciation of right-of-use assets[50] Market and Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming quarters[5] - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[5] - The expected construction contracts to be awarded by the Building and Construction Authority of Singapore in 2019 is projected to reach a total value of up to SGD 32 billion, similar to the preliminary estimate of SGD 30.5 billion in 2018[40] - The company has a cautious optimism regarding the demand for labor dispatch services for the remaining months of 2019[40] - The revenue from labor dispatch and supporting services increased by approximately 15.8% to about SGD 21.8 million, driven by the recovery in the construction industry in Singapore[44] Governance and Compliance - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2019, with no significant impact on its accounting policies[15] - The company has appointed new directors and committee members effective July 19, 2019, to ensure compliance with governance codes[81] - The company has confirmed that there are no interests in competing businesses held by directors or controlling shareholders during the reporting period[80] - The audit committee reviewed the interim performance and found that the financial information was prepared in accordance with applicable accounting standards and regulations[82] - The company has adhered to the corporate governance code principles and adopted applicable provisions during the reporting period[81] Employee and Operational Metrics - The total employee costs for the period included salaries, wages, and other benefits, with a total of SGD 11,474,855 for the first half of 2019[28] - As of June 30, 2019, the group employed 1,846 staff, an increase from 1,720 as of December 31, 2018[61] - Employee costs for the first half of 2019 were approximately SGD 12.0 million, compared to SGD 11.6 million in the same period of 2018[61] Shareholder Information - The company has a total issued share capital of 1,232,500,000 shares, with 宝来 holding 632,500,000 shares, representing 51.42% of the total issued shares[70] - 陳國寶先生 is the beneficial owner of all issued shares, and his spouse, 蔣霞宏女士, is also considered to have an interest in these shares[70] - The company has not declared or paid any dividends for the six months ended June 30, 2019, and June 30, 2018[30] - The group did not declare an interim dividend for the period, consistent with the previous year[51]
今海国际(02225) - 2019 - 中期财报