Financial Performance - The group recorded a net loss of approximately SGD 983,000 for the six months ended June 30, 2019, a significant decrease of about 563.7% compared to a net profit of approximately SGD 212,000 for the same period in 2018[17]. - The group's unaudited revenue decreased by approximately 22.8%, from about SGD 5.7 million in the previous period to approximately SGD 4.4 million in the review period, primarily due to a decline in investment management business income[17]. - Basic and diluted loss per share for the review period was approximately SGD 0.05[18]. - The company reported a loss attributable to owners of SGD 983,000 for the period, compared to a profit of SGD 212,000 in the previous year[24]. - Total comprehensive loss attributable to owners for the period was SGD 879,000, down from a comprehensive income of SGD 532,000 in the same period last year[24]. - The company reported a net loss of approximately SGD 983,000 for the first half of 2019, a significant decline compared to the same period last year, attributed to reduced income from special purpose entity investment management[129]. Revenue Breakdown - Revenue for the six months ended June 30, 2019, was SGD 4,385,000, a decrease from SGD 5,679,000 in the same period of 2018, representing a decline of approximately 22.8%[62]. - The group's investment management services generated SGD 753,000 in revenue from Singapore, SGD 121,000 from Malaysia, and SGD 3,000 from other jurisdictions for the six months ended June 30, 2019[66]. - The group’s financial advisory services generated SGD 283,000 in revenue for the six months ended June 30, 2019, compared to SGD 40,000 in the same period of 2018[66]. - The group’s property management and leasing services generated SGD 1,688,000 in revenue for the six months ended June 30, 2019, slightly down from SGD 1,710,000 in 2018[66]. - The group’s fund management services reported revenue of SGD 1,004,000 for the six months ended June 30, 2019, compared to SGD 896,000 in the same period of 2018, reflecting an increase of approximately 12.1%[66]. - The group’s project consulting and management services generated SGD 377,000 in revenue for the six months ended June 30, 2019, compared to SGD 483,000 in 2018, a decrease of approximately 22%[66]. Expenses and Costs - Employee costs, including directors' remuneration, increased from approximately SGD 3.5 million in the previous period to about SGD 4.0 million in the review period, mainly due to hiring more professionals to support business expansion[17]. - Other net expenses decreased from approximately SGD 1.7 million to about SGD 1.3 million, with no listing expenses recorded in the current period[112]. Assets and Liabilities - Non-current assets increased to SGD 5,403,000 as of June 30, 2019, compared to SGD 4,581,000 as of December 31, 2018[26]. - Current assets decreased to SGD 31,681,000 from SGD 32,906,000 at the end of the previous year[26]. - The company's total liabilities increased, with current liabilities totaling SGD 2,414,000, up from SGD 2,173,000[26]. - The company reported a decrease in total equity to SGD 34,210,000 as of June 30, 2019, down from SGD 35,089,000 at the end of 2018[26]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2019, was SGD 3,809,000, compared to cash generated of SGD 2,590,000 in the same period of 2018[32]. - Cash flow from investing activities for the six months ended June 30, 2019, was a net inflow of 14,237 thousand Singapore dollars, compared to a net outflow of 15,880 thousand Singapore dollars in the same period of 2018[34]. - Cash and cash equivalents increased by 10,194 thousand Singapore dollars, reaching a total of 17,884 thousand Singapore dollars at the end of the period, compared to 10,335 thousand Singapore dollars at the end of the same period in 2018[34]. Dividends - The board proposed an interim dividend of SGD 1,000,000 for the financial year ending December 31, 2019, equivalent to SGD 0.05 per ordinary share[17]. - The company proposed an interim dividend of SGD 1 million for the fiscal year ending December 31, 2019, equating to SGD 0.05 per ordinary share[127]. Investments and Future Plans - The company plans to expand its investment base by diversifying into institutional and family office investments across the Asia-Pacific region, targeting attractive property investment opportunities[129]. - The company expects to bid for residential projects in Singapore's central region, where property prices have increased by 1.5%[129]. - The company is forming a joint venture with an Australian fund management company to acquire hotel portfolios in major regions of Australia[130]. Related Party Transactions - Total related party transactions amounted to SGD 733,000 in the review period, a significant decrease from SGD 2.256 million in the previous period[86]. - Special purpose entity management fees from the ultimate holding company were SGD 114,000 in the previous period, with no income reported in the review period[86]. Convertible Loans - ZACD Investments has entered into a convertible loan agreement with ZACD (Canberra) Pte. Ltd. for a principal amount of SGD 1,400,000, convertible into up to 22.80% of the enlarged issued share capital[150]. - ZACD Investments has a convertible loan agreement with ZACD (Frontier) Pte. Ltd. for a principal amount of SGD 1,300,000, convertible into up to 30.50% of the enlarged issued share capital[152]. - ZACD Investments has provided a convertible loan of SGD 2,000,000 to ZACD (Neew) Pte. Ltd., which can be converted into up to 19.40% of the enlarged issued share capital[153]. - The convertible loans provided by ZACD Investments are interest-free and are linked to the acquisition of related properties[150][152][153][155][157]. Corporate Governance - The audit committee consists of three independent non-executive directors, with Mr. Jiang Zhiwu as the chairman[172]. - The company has established an audit committee in accordance with GEM Listing Rules to oversee financial reporting and risk management[172]. - The board of directors includes five executive directors and three independent non-executive directors as of August 8, 2019[174].
杰地集团(08313) - 2019 - 中期财报