Financial Performance - Total revenue for the six months ended March 31, 2020, was SGD 32,254,748, a decrease of 34.3% compared to SGD 49,164,817 in the same period of 2019[7] - Gross profit for the same period was SGD 4,998,756, down 36.5% from SGD 7,893,018 in 2019[7] - The net profit for the period was SGD 1,928,145, representing a decline of 8.3% from SGD 2,103,166 in the previous year[7] - Basic and diluted earnings per share decreased to SGD 0.40 from SGD 0.58, a drop of 31.0%[7] - Other income for the period was SGD 187,949, which is an increase of 93.5% compared to SGD 97,311 in the same period last year[7] - The company reported a total comprehensive income of 2,103,166 SGD for the period ending March 31, 2020, compared to 1,928,145 SGD for the same period in 2019, reflecting an increase of approximately 9%[14] - The company experienced a decrease in pre-tax profit, reporting 2,364,951 SGD for the six months ending March 31, 2020, compared to 2,871,782 SGD in the same period of 2019, a decline of approximately 18%[19] - The group reported a pre-tax profit of SGD 4,998,756 for the six months ended March 31, 2020, down from SGD 7,893,018 in the same period of 2019, a decrease of about 36.5%[85] - The income tax expense for the period was 436,806 SGD, down 43.1% from 768,616 SGD in the previous year[91] Assets and Liabilities - Non-current assets totaled SGD 39,769,301 as of March 31, 2020, compared to SGD 35,098,200 as of September 30, 2019, reflecting an increase of 13.6%[10] - Current liabilities amounted to SGD 26,636,107, a decrease from SGD 40,847,376 in the previous period, indicating a reduction of 34.7%[10] - Total assets less current liabilities stood at SGD 66,661,834, up from SGD 63,157,191, marking an increase of 4.0%[10] - The company's total equity increased to SGD 54,181,451 from SGD 52,253,306, representing a growth of 3.7%[12] - The company’s total liabilities increased to 43,152,747 SGD as of March 31, 2020, compared to 39,000,000 SGD in the previous year, reflecting a rise of approximately 10%[14] - Total cash and cash equivalents decreased to 11,028,704 SGD as of March 31, 2020, from 4,057,978 SGD in the previous year, representing a significant reduction[22] Revenue Breakdown - For the six months ended March 31, 2020, the total revenue from customer contracts was SGD 31,976,547, a decrease of 34.5% compared to SGD 48,902,808 for the same period in 2019[65] - The revenue from construction services, including civil engineering, was SGD 29,616,087, down from SGD 40,495,054, representing a decline of 26.9%[65] - The property investment segment generated revenue of SGD 278,201, slightly up from SGD 262,009 in the previous year, indicating a growth of about 6.2%[74] - Public customer revenue dropped by SGD 13.3 million or approximately 46.5%, while private customer revenue decreased by SGD 3.6 million or approximately 17.7%[191] Costs and Expenses - Financing costs rose to SGD 631,194, up 36.6% from SGD 462,074 in the previous year[7] - The group’s total employee costs, including directors' remuneration, amounted to SGD 4,896,840 for the six months ended March 31, 2020, compared to SGD 4,714,135 in the same period of 2019, an increase of approximately 3.9%[85] - Service costs reduced by approximately SGD 14.0 million or about 33.9%, totaling SGD 27.3 million for the six months ended March 31, 2020[192] - Administrative expenses remained stable at approximately SGD 2.8 million for the six months ended March 31, 2020[198] Strategic Initiatives - The company has plans for market expansion and new product development as part of its strategic initiatives moving forward[24] - The company is closely monitoring the situation and collaborating with clients and relevant government agencies to mitigate potential risks[182] - The construction projects were significantly impacted during the "circuit breaker" period from April 7 to June 1, 2020, leading to unavoidable delays[181] Accounting Changes - The company adopted the cumulative catch-up method for the initial application of IFRS 16, recognizing the cumulative impact as an adjustment to the opening balance of retained earnings[41] - IFRS 16 introduces significant changes in accounting for leases, requiring the recognition of right-of-use assets and lease liabilities for all leases[39] - The initial application of IFRS 16 took effect on October 1, 2019, impacting the accounting treatment of previously classified operating leases[40] - The group will recognize right-of-use assets and lease liabilities at the present value of future lease payments, affecting the consolidated financial position[46] Cash Flow and Financing - Operating cash flow before changes in working capital was 4,137,977 SGD for the six months ending March 31, 2020, down from 4,711,586 SGD in the previous year, indicating a decrease of about 12%[19] - The company raised approximately SGD 22.6 million from a share placement and public offering, netting SGD 15.2 million after expenses[167] - The company has no significant liquidity risk related to lease liabilities, which are monitored by the treasury department[158] Trade Receivables and Payables - The company’s trade receivables increased to 3,909,293 SGD as of March 31, 2020, compared to 7,630,136 SGD in the previous year, indicating a significant change in working capital dynamics[19] - As of March 31, 2020, total trade receivables amounted to SGD 7,029,895, a decrease from SGD 9,477,426 as of September 30, 2019, reflecting a decline of approximately 25.9%[120] - Trade payables increased to 5,569,235 SGD as of March 31, 2020, compared to 4,185,265 SGD as of September 30, 2019[145]
S&T HLDGS(03928) - 2020 - 中期财报