Financial Performance - The group's unaudited revenue for the three months ended March 31, 2021, decreased by 65.1% or approximately SGD 1.9 million to approximately SGD 995,000 compared to the same period last year[10]. - The group recorded a net loss of approximately SGD 425,000 for the current period, an increase of approximately SGD 370,000 or 672.7% compared to a net loss of SGD 55,000 in the previous period[10]. - Basic and diluted loss per share for the current period was approximately SGD 0.02, compared to a loss of SGD 0.003 in the same period last year[10]. - For the three months ended March 31, 2021, the company reported a total comprehensive loss of SGD 729,000, which includes a loss of SGD 55,000 from the period[17]. - The company’s revenue for the same period was SGD 1,237,000, a decrease of approximately 46.0% compared to SGD 2,297,000 in the same period of 2020[17]. - The company reported a pre-tax loss of SGD 326,000 for the three months ended March 31, 2021, compared to a loss of SGD 410,000 in the same period of 2020, showing an improvement of 20.5%[48]. - The group recorded a net loss of approximately SGD 425,000 for the three months ended March 31, 2021, compared to a net loss of approximately SGD 55,000 for the same period last year, representing an increase in net loss of approximately SGD 370,000 or 672.7%[60]. Revenue Breakdown - Total revenue for the three months ended March 31, 2021, was SGD 995,000, compared to SGD 2,854,000 for the same period in 2020, representing a decrease of approximately 65.2%[46]. - Revenue from investment management services was SGD 475,000 for the three months ended March 31, 2021, up from SGD 427,000 in the previous year, indicating a growth of 11.3%[46]. - The total income from property management and leasing services was SGD 10,000 for the three months ended March 31, 2021, down from SGD 579,000 in the previous year, reflecting a decline of 98.3%[46]. - The investment management segment's unaudited revenue increased by approximately SGD 48,000 or 11.2% to approximately SGD 475,000, mainly due to higher performance fees[70]. - The fund management segment's unaudited revenue decreased by approximately SGD 377,000 or 66.5% to approximately SGD 190,000, as no new investment funds were closed during the review period[72]. - The property management and leasing segment's unaudited revenue fell by approximately SGD 569,000 or 98.3% to approximately SGD 10,000, attributed to a strategic restructuring and loss of management contracts[76]. Cost Management - Total employee costs decreased by approximately SGD 887,000 or 41.9%, from SGD 2.1 million in the previous period to SGD 1.2 million in the current period, with the number of employees reduced from 95 to 50[10]. - Other net expenses decreased by approximately SGD 456,000 or 57.6% to approximately SGD 335,000, primarily due to reduced professional fees and outsourced property maintenance costs[10]. - Other income and gains increased by SGD 89,000 or approximately 37.9% to approximately SGD 324,000, mainly due to government support programs during the economic uncertainty caused by the COVID-19 pandemic[80]. - The group did not recognize any income tax provision during the review period as there were no taxable profits generated in other jurisdictions[85]. Strategic Restructuring - The decrease in revenue was mainly due to a lack of completed project acquisitions and a strategic restructuring in the property management segment[10]. - The company is undergoing strategic restructuring in its property management services, which has impacted its financial performance[10]. - The company aims to enhance its market presence through strategic project management services for real estate developers[30]. - Cost control measures will be enhanced to mitigate the prolonged adverse effects of the COVID-19 pandemic[109]. Guarantees and Financing - The company provided a guarantee amounting to SGD 28,985,400 to support the loan financing for the Mandai Development project, which represents 60.0% of the total liabilities under the financing agreement[87]. - A guarantee of SGD 150,744,796 was established for the Landmark Development project, accounting for 39.2% of the total liabilities under the financing agreement[90]. - The company provided a guarantee of SGD 38,015,040 for the BBW6 Development project, which corresponds to 12.0% of the total liabilities under the financing agreement[91]. - A loan financing of SGD 125,000,000 was granted for the BBW6 Development project, with SGD 55,000,000 allocated to refinance existing loans and SGD 70,000,000 for shareholder loans[94]. - The company is required to provide a guarantee for 12% of the total liabilities owed by the special purpose entity, estimated at approximately SGD 15,000,000, under the refinancing agreement[95]. - A guarantee of SGD 152,800,000 was provided for the Shunfu Development project, representing 20.0% of the total liabilities under the financing agreement[96]. Market Conditions - Singapore's economy returned to growth in Q1 2021, with a year-on-year increase of 0.2% after three quarters of contraction[106]. - Private residential property prices in Singapore rose for four consecutive quarters, increasing by 2.9% quarter-on-quarter in Q1 2021, compared to 2.1% in the previous quarter[106]. - 85.6% of new home sales in Q1 2021 were for units priced below SGD 2 million, indicating a preference for smaller units[106]. - The Mount Emily project is expected to attract significant interest due to its central location and the demand for smaller units[106]. - The FoodFab@Mandai industrial project launched in late March 2021 exceeded expectations, driven by strong demand for food factories amid government initiatives to boost productivity[106]. Future Plans - The company plans to continue expanding its asset management and investment management businesses, focusing on opportunities in Singapore and surrounding regions[109]. - A new fund product was launched in March 2021 to capitalize on the global easing environment, targeting high-growth market companies and unicorns[109]. - The company aims to strengthen its corporate advisory team in Singapore and Hong Kong to manage current advisory mandates and transaction leads[109]. - The company continues to focus on developing its family office management division, particularly in Southeast Asia[109]. Corporate Governance - The audit committee consists of three independent non-executive directors, with Mr. Jiang Zhiwu as the chairman, overseeing the group's risk management and internal control systems[144]. - The company has complied with the securities trading standards and codes of conduct since the listing date[133]. - The board of directors includes four executive directors and three independent non-executive directors, indicating a diverse leadership structure[145].
杰地集团(08313) - 2021 Q1 - 季度财报