Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 13,822,745, a decrease of 45.5% compared to SGD 25,361,949 for the same period in 2019[9] - Gross profit for the same period was SGD 4,491,760, down 20.7% from SGD 5,662,004 in 2019[9] - Net profit for the period was SGD 1,147,900, representing a 65.5% increase from SGD 693,501 in the previous year[9] - Basic and diluted earnings per share increased to 0.09 cents from 0.06 cents year-on-year[9] - Revenue from labor dispatch and support services was SGD 10,116,687 in 2020, down from SGD 21,804,489 in 2019, reflecting a decline of 53.7%[19] - Total revenue from investment properties for the six months ended June 30, 2020, was SGD 3,019,792, up from SGD 2,768,876 in 2019, indicating a growth of approximately 9.0%[24] - The company reported a pre-tax profit of SGD 1,844,085 for the six months ended June 30, 2020, compared to SGD 762,727 in the same period of 2019, representing an increase of approximately 142.5%[24] - Basic and diluted earnings per share for the six months ended June 30, 2020, were SGD 0.09, compared to SGD 0.06 in 2019, marking a growth of 50%[28] Assets and Liabilities - Non-current assets as of June 30, 2020, totaled SGD 9,478,138, a decrease from SGD 12,557,501 as of December 31, 2019[10] - Current assets amounted to SGD 30,004,730, compared to SGD 30,087,077 at the end of 2019[10] - Total liabilities decreased to SGD 11,703,767 from SGD 13,354,240 year-on-year[11] - The company's net asset value increased to SGD 25,350,278 from SGD 24,202,378 as of December 31, 2019[11] - As of June 30, 2020, the company's current and non-current lease liabilities totaled approximately SGD 7.6 million, down from SGD 10.1 million as of December 31, 2019, due to lease liability repayments[52] - The company's debt-to-equity ratio as of June 30, 2020, was approximately 29.9%, a decrease from 41.7% as of December 31, 2019[52] Cash Flow - Total cash generated from operating activities reached SGD 6,427,451 for the six months ended June 30, 2020, compared to SGD 4,907,221 in the same period of 2019, an increase of 31%[13] - The total cash and cash equivalents at the end of the period increased to SGD 26,688,155 in 2020 from SGD 21,100,541 in 2019, marking a growth of 26.4%[14] - Cash used in investing activities was SGD (48,210) in 2020, a significant decrease from SGD 2,921,370 in 2019, indicating a shift in investment strategy[14] - Financing activities resulted in cash outflow of SGD (1,916,163) in 2020, down from SGD (2,601,354) in 2019, a reduction of 26.3%[14] Government Support and Grants - Government grants received amounted to SGD 1,261,999 for the six months ended June 30, 2020, compared to SGD 277,584 in the same period of 2019, reflecting a significant increase[21] - The company received SGD 928,038 under the COVID-19 support scheme, aimed at helping employers retain local employees during the pandemic[22] Employee Costs - Total employee costs decreased to SGD 9,095,794 for the six months ended June 30, 2020, from SGD 18,827,390 in 2019, reflecting a reduction of approximately 51.7%[24] - The total employee costs for the first half of 2020 were approximately SGD 8.7 million, compared to SGD 12.0 million for the same period in 2019[58] Strategic Focus - The company plans to focus on market expansion and new product development to drive future growth[9] - The company is actively seeking suitable acquisitions for dormitory services while maintaining a cautious approach to ensure shareholder value[39] - The company anticipates additional costs in the future to comply with government regulations regarding worker testing and safety measures[36] - The company continues to implement stricter cost management measures and defer capital expenditures to conserve cash during the pandemic[36] Compliance and Governance - The company has adopted all applicable new and revised International Financial Reporting Standards as of January 1, 2020, with no significant impact on accounting policies[17] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[75] - The audit committee has reviewed the unaudited interim results and found them to be prepared in accordance with applicable accounting standards[76] Other Information - The company did not declare or pay any dividends for the six months ended June 30, 2020, consistent with the previous year[27] - The company has no significant contingent liabilities as of June 30, 2020[55] - There were no significant events affecting the group from June 30, 2020, to the date of this interim report[72] - The company has not adopted any share option schemes during the reporting period[69] - The company maintains cash and cash equivalents at a level deemed sufficient by management to meet operational needs and reduce cash flow volatility[62] - The company faces equity risk from financial assets and liabilities measured at fair value, and it diversifies its portfolio to manage this risk[63] - As of June 30, 2020, Mr. Chen holds 632,500,000 shares, representing approximately 51.42% of the company's equity[65]
今海国际(02225) - 2020 - 中期财报