Financial Performance - The group's unaudited revenue decreased by 20.8%, approximately SGD 1.3 million, from about SGD 6.2 million for the nine months ended September 30, 2019, to about SGD 4.9 million for the nine months ended September 30, 2020[11]. - The group recorded a net loss of approximately SGD 8.6 million for the nine months ended September 30, 2020, compared to a net loss of approximately SGD 1.5 million for the same period last year[11]. - Basic and diluted loss per share for the nine months ended September 30, 2020, was approximately 0.43 Singapore cents, compared to a loss of 0.07 Singapore cents for the same period in 2019[11]. - The decrease in revenue was primarily due to contract terminations and/or non-renewals after contract expiration, leading to reduced property management fees[11]. - The group reported a pre-tax loss of approximately SGD 8.57 million for the nine months ended September 30, 2020[14]. - The group’s total expenses, including employee costs and other expenditures, amounted to SGD 10.5 million for the nine months ended September 30, 2020[14]. - The total comprehensive loss attributable to the company for the nine months ended September 30, 2020, was SGD 9,088,000[21]. - The company reported a loss of SGD 8,574,000 for the nine months ended September 30, 2020[24]. - The company’s retained earnings accumulated losses increased to SGD (4,610,000) as of September 30, 2020[24]. - The company reported a net loss of approximately SGD 8.6 million for the nine months ended September 30, 2020, compared to a net loss of approximately SGD 1.5 million for the same period last year, indicating a significant increase in losses[72]. Revenue Breakdown - Total revenue for the nine months ended September 30, 2020, was SGD 4,916,000, a decrease of 20.8% compared to SGD 6,207,000 for the same period in 2019[52]. - Revenue from property management and leasing services for the nine months was SGD 1,244,000, down 51.1% from SGD 2,544,000 in the previous year[52]. - Financial advisory fees increased to SGD 830,000 for the nine months, up 81.5% from SGD 458,000 in the same period last year[52]. - Revenue from Singapore accounted for SGD 4,214,000, representing 85.7% of total revenue for the nine months[52]. - The company’s revenue from Malaysia was SGD 265,000, a decrease of 10.5% from SGD 296,000 in the previous year[52]. - The company’s revenue from Australia was SGD 56,000, down 46.2% from SGD 104,000 in the previous year[52]. - The investment management services segment saw a revenue drop of approximately 57.0%, from about SGD 1.1 million to approximately SGD 490,000, primarily due to fewer dividends received from special purpose entities[78]. - Fund management revenue decreased by approximately 25.3% to about SGD 1.0 million, with a notable decline in management fees from ZACD Income Trust due to the impact of the pandemic[80]. - Acquisition and project management services revenue increased by approximately 97.0%, rising from about SGD 662,000 to approximately SGD 1.3 million, attributed to the acquisition of land for industrial development in Mandai, Singapore[81]. Expenses and Impairments - A significant impairment provision of approximately SGD 3.7 million was recognized for receivables from investment management fees during the six months ended June 30, 2020[11]. - The company recognized impairment losses of approximately SGD 3.7 million for receivables from the ZACD Australia Hotel Fund and SGD 2.3 million for advance payments[91]. - Other net expenses increased by approximately 29.2%, from about SGD 1.9 million to around SGD 2.4 million, mainly due to increased professional fees[94]. - The company experienced an increase in professional fees of approximately SGD 0.823 million due to one-off corporate financing activities[11]. Dividends and Equity - The group did not declare any dividends for the nine months ended September 30, 2020[11]. - The company did not recommend any dividend payment for the nine months ended September 30, 2020[66]. - The company's total equity as of September 30, 2020, decreased to SGD 28,497,000 from SGD 37,585,000 as of January 1, 2020[24]. Corporate Developments - The company operates in investment management, project management, property management, and financial advisory services[28]. - The company has established private real estate funds and provides fund management services, aiming to maximize internal rates of return[36]. - The company has rebranded its acquisition and project management services to better reflect its current business activities[39]. - The financial statements are prepared in accordance with International Financial Reporting Standards and Singapore Financial Reporting Standards[30]. - The company is focusing on enhancing its financial advisory services as a key growth area moving forward[47]. - The company is currently managing 28 real estate projects and assets across Singapore, Malaysia, Indonesia, and Australia, with ongoing advisory services for a family office managing approximately USD 100 million[71]. - The company is focusing on expanding its fund structure to align with its current business model, moving away from special purpose entities[78]. - The company is currently pursuing claims against iProsperity Group regarding deposits and losses related to the ZACD Australia Hotel Fund[110]. - The company is establishing the ZACD US Fund with an investment of USD 10 million for hotel acquisitions in the US, with a portion convertible into equity[113]. - The company plans to expand its corporate advisory team in Singapore and Hong Kong to manage current mandates and project leads[117]. - The property management division has not achieved expected economies of scale and is currently incurring losses, prompting management to explore restructuring options[117]. - The company expects strong market interest in a landmark redevelopment project set to launch in Q4 2020 due to its competitive pricing and central location[114]. Shareholding and Governance - As of September 30, 2020, Mr. Yao and Ms. Shen collectively held 64.93% of the company's ordinary shares, amounting to 1,298,600,000 shares[125]. - The board has adopted the principles and code provisions of the GEM Listing Rules Appendix 15 corporate governance code, ensuring compliance during the reporting period[124]. - The Audit Committee was established in accordance with the board resolution passed on December 13, 2017, and complies with GEM Listing Rules[155]. - The Audit Committee consists of three independent non-executive directors, with Mr. Jiang Zhiwu as the chairman[155]. - The Audit Committee has reviewed the group's performance for the nine months ending September 30, 2020[156].
杰地集团(08313) - 2020 Q3 - 季度财报