Financial Performance - For the six months ended June 30, 2019, the total revenue was approximately MYR 31.8 million, a decrease of about 1.4% compared to the same period in 2018[7] - The gross profit for the same period was approximately MYR 4.6 million, an increase of about 10.1% year-on-year[7] - The company recorded a net loss of approximately MYR 4.0 million for the six months ended June 30, 2019[7] - The basic and diluted loss per share for the six months was 0.49 sen, unchanged from the same period in 2018[8] - The company reported a comprehensive loss of MYR 3.6 million for the six months ended June 30, 2019[14] - The group reported a loss before tax of RM 1,000 for the six months ended June 30, 2019, compared to a loss of RM 2,713,000 in the same period of 2018[25] - The company reported a loss attributable to owners of the company of 3,959 thousand MYR for the six months ended June 30, 2019, compared to a loss of 3,893 thousand MYR in 2018[38] - The group recorded a loss of approximately 4.0 million MYR for the six months ended June 30, 2019, compared to a loss of 3.9 million MYR in 2018[67] Revenue Breakdown - Revenue from freight forwarding and related services for the six months ended June 30, 2019, was RM 27,744,000, a decrease of 14% from RM 32,293,000 in 2018[23] - The trading of second-hand mobile phones generated revenue of RM 4,095,000 for the six months ended June 30, 2019, with no revenue reported in the same period of 2018[23] - Air freight and related services generated revenue of 9,563 thousand MYR for the six months ended June 30, 2019, down 38.3% from 15,549 thousand MYR in 2018[30] - Sea freight and related services revenue increased to 17,205 thousand MYR for the six months ended June 30, 2019, up 10.3% from 15,601 thousand MYR in 2018[30] - Revenue from air freight services for the six months ended June 30, 2019, was approximately 9.6 million MYR, down from 15.5 million MYR in 2018, indicating a significant decline[52] - Revenue from sea freight services for the same period was approximately 17.2 million MYR, an increase from 15.6 million MYR in 2018, showing growth in this segment[52] - The company recorded revenue of approximately 4.1 million MYR from the second-hand mobile phone trading business for the six months ended June 30, 2019, which was not present in 2018, indicating successful diversification[58] Assets and Liabilities - Non-current assets as of June 30, 2019, amounted to MYR 23.4 million, down from MYR 24.5 million as of December 31, 2018[10] - Current assets decreased to MYR 39.9 million from MYR 44.6 million as of December 31, 2018[10] - Total liabilities decreased to MYR 21.2 million as of June 30, 2019, compared to MYR 23.5 million as of December 31, 2018[12] - The company's total equity as of June 30, 2019, was MYR 42.0 million, down from MYR 45.6 million at the end of 2018[12] - The current assets net value was approximately 32.0 million MYR as of June 30, 2019, down from 35.1 million MYR as of December 31, 2018[68] - The group’s debt-to-equity ratio was approximately 33.9% as of June 30, 2019, compared to 34.6% as of December 31, 2018[77] Cash Flow - For the six months ended June 30, 2019, net cash generated from operating activities was RM 1,607,000, compared to a cash outflow of RM 1,104,000 in the same period of 2018[16] - Cash used in investing activities was RM 4,000, down from RM 1,421,000 in the previous year, with property, plant, and equipment purchases amounting to RM 156,000[16] - Cash flow from financing activities showed a net outflow of RM 1,991,000, significantly reduced from RM 7,947,000 in the prior year[16] - The net decrease in cash and cash equivalents for the period was RM 388,000, a substantial improvement compared to a decrease of RM 10,472,000 in the same period last year[16] - The group’s cash and cash equivalents at the end of the period stood at RM 24,174,000, down from RM 26,522,000 at the end of the previous year[16] Operational Insights - The company’s logistics services are categorized into air freight, sea freight, and cargo and warehousing services, with air freight contributing approximately 30.0% and sea freight 54.0% to total revenue for the six months ended June 30, 2019[61] - The company aims to strengthen its position as a comprehensive logistics solution provider in Malaysia, with plans to expand operations and service offerings in key gateways[60] - The company’s management emphasizes the need to adjust strategies and operations in response to market conditions, particularly in a highly competitive logistics industry[51] - The company has upgraded its warehouse systems to increase rental space and maximize benefits[82] - The company is actively seeking new business opportunities in Malaysia and internationally, including establishing a new office in Padang Besar, Malaysia[82] - A new sales manager has been appointed to further expand the market within Peninsular Malaysia[82] Shareholder and Governance Information - Major shareholders include JL Investments Capital Limited with a 29.00% stake and World Oasis Limited with a 17.13% stake[92] - The company has adopted a stock option plan approved by shareholders on June 17, 2016, allowing for the issuance of up to 80,000,000 shares, representing 10% of the issued shares[95] - No stock options have been granted, exercised, or canceled since the stock option plan became effective[95] - The board of directors confirmed that there are no competitive interests held by major shareholders or their close associates in any business that directly or indirectly competes with the company during the same period[98] - The company has established a code of conduct for directors' securities transactions, and all directors confirmed compliance during the six months ended June 30, 2019[99] - The company has adhered to the corporate governance code, with the board recognizing the importance of good corporate governance for effective accountability[100] - The audit committee, formed in accordance with GEM listing rules, consists of independent non-executive directors and is responsible for reviewing financial statements and internal control procedures[102] - The interim financial statements have not been audited but have been reviewed by the audit committee[103]
盛良物流(08292) - 2019 - 中期财报