Financial Performance - Revenue for the six months ended June 30, 2019, was SGD 4,128,009, a decrease of 26% compared to SGD 5,577,082 in the same period of 2018[5] - Gross profit for the six months ended June 30, 2019, was SGD 1,407,124, down 43.6% from SGD 2,495,806 in 2018[5] - The net loss for the six months ended June 30, 2019, was SGD 347,569, compared to a profit of SGD 842,800 in the same period of 2018[5] - Total comprehensive income for the six months ended June 30, 2019, was a loss of SGD 339,222, compared to a gain of SGD 817,665 in 2018[5] - The basic and diluted loss per share for the six months ended June 30, 2019, was SGD (0.011), compared to earnings of SGD 0.026 in the same period of 2018[5] - The company reported a pre-tax loss of SGD 265,283 for the six months ended June 30, 2019, compared to a profit of SGD 1,141,741 in the same period of 2018[13] - Operating cash flow before changes in working capital was SGD 100,033, a significant decrease from SGD 1,220,664 in the previous year[13] - Net cash used in operating activities was SGD 104,618, down from a net cash generated of SGD 924,799 in the prior year[13] - The company reported a significant increase in depreciation and amortization expenses to SGD 291,200 from SGD 163,605 in the prior year[13] - The company incurred a net cash outflow of SGD 813,285 from investing activities, compared to SGD 162,865 in the previous year[13] Assets and Liabilities - Non-current assets increased to SGD 1,147,437 as of June 30, 2019, from SGD 988,099 as of December 31, 2018[7] - Current assets decreased to SGD 15,068,759 as of June 30, 2019, from SGD 15,602,381 as of December 31, 2018[7] - Total liabilities decreased to SGD 1,608,927 as of June 30, 2019, from SGD 1,625,093 as of December 31, 2018[7] - The company's equity as of June 30, 2019, was SGD 14,356,194, down from SGD 14,695,416 as of December 31, 2018[7] - The total trade receivables as of June 30, 2019, were SGD 1,976,529,000, an increase from SGD 1,941,685,000 as of December 31, 2018[40] Revenue Breakdown - Revenue from public sector clients was SGD 3,619,762, down 29% from SGD 5,075,602 in the previous year[27] - Revenue from private sector clients was SGD 508,247, a slight increase from SGD 501,480 in the same period of 2018[27] - The public sector revenue decreased by approximately SGD 1,456,000, attributed to reduced demand in the construction industry and intense market competition[62] Cash and Cash Equivalents - Cash and cash equivalents decreased by SGD 1,137,789, ending at SGD 9,949,360 as of June 30, 2019, compared to SGD 11,089,877 at the end of the previous period[16] - The group’s cash and cash equivalents decreased by approximately SGD 1,138,000, resulting in a total of about SGD 9,949,000 as of June 30, 2019, compared to SGD 11,147,000 on December 31, 2018[53] Expenses and Costs - The financing costs for the six months ended June 30, 2019, totaled SGD 14,626,000, compared to SGD 8,374,000 in 2018, reflecting an increase of 74%[34] - The income tax expense for the six months ended June 30, 2019, was SGD 82,286,000, down from SGD 298,941,000 in the same period of 2018, a decrease of 72%[37] - The company reported a foreign exchange loss of SGD 71,684,000 for the six months ended June 30, 2019, compared to a gain of SGD 88,845,000 in 2018[33] - The group’s selling and administrative expenses increased by SGD 148,000 to approximately SGD 1,619,000 for the six months ended June 30, 2019, primarily due to increased legal and professional fees[51] Employee and Shareholder Information - As of June 30, 2019, the total employee cost, including director remuneration, was approximately SGD 1,571,000, an increase of 13.6% from SGD 1,383,000 for the six months ended June 30, 2018[66] - The company has 82 employees as of June 30, 2019, compared to 77 employees as of December 31, 2018[66] - As of June 30, 2019, the company’s major shareholders included Absolute Truth Investments Limited, holding 30.73% of the issued share capital, and Wang Yafei, holding 7.50%[72] - The total number of shares held by executive directors Chen Tianji and Chen Guanghui is 983,440,000 each, representing 30.73% of the issued share capital[68] Corporate Governance - The board confirmed compliance with the corporate governance code as of June 30, 2019[79] - The audit committee, established on June 23, 2015, consists of three independent non-executive directors and oversees financial reporting and internal controls[82] - The company has implemented a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[81] - The company has not engaged in any related party transactions during the review period, ensuring transparency in its financial dealings[45] Future Outlook - The group anticipates continued challenges in the local construction market due to competitive bidding and rising material costs, impacting future revenue and gross profit[63] - The company has not granted any options under its share option scheme since its adoption on September 21, 2018[76] - The company has not purchased, sold, or redeemed any of its listed securities during the review period[77] - The company has no significant investments or major acquisitions during the review period[55] - On July 5, 2019, the company agreed to acquire a property for SGD 4,100,000, pending approval from JTC Corporation[67]
吉辉控股(08027) - 2019 - 中期财报