Financial Performance - For the three months ended September 30, 2019, the company reported revenue of SGD 11,155,791, a decrease of 42.8% compared to SGD 19,500,152 for the same period in 2018[7] - The gross profit for the three months ended September 30, 2019, was SGD 3,023,307, down 43.2% from SGD 5,320,816 in the same period last year[7] - The net profit for the three months ended September 30, 2019, was SGD 1,291,097, a decline of 44.8% compared to SGD 2,339,482 for the same period in 2018[7] - For the nine months ended September 30, 2019, the company achieved revenue of SGD 39,669,315, an increase of 7.2% from SGD 37,003,609 in the same period last year[7] - The net profit for the nine months ended September 30, 2019, was SGD 4,885,287, a decrease of 10.5% compared to SGD 5,456,604 for the same period in 2018[7] - The company reported a basic earnings per share of SGD 0.27 for the three months ended September 30, 2019, down from SGD 0.49 in the same period last year[7] - The total comprehensive income for the nine months ended September 30, 2019, was SGD 4,887,728, compared to SGD 5,456,604 for the same period in 2018[9] Revenue Sources - Revenue from steel structure services for the three months ended September 30, 2019, was SGD 11,155,791, a decrease of 43.1% compared to SGD 19,500,152 for the same period in 2018[22] - For the nine months ended September 30, 2019, revenue from steel structure services increased to SGD 39,669,315, up 7.2% from SGD 37,003,609 in the same period of 2018[22] - Major customer I contributed SGD 6,008,197 for the three months ended September 30, 2019, down 66.7% from SGD 18,030,969 in the same period of 2018[24] - Total revenue from Singapore for the three months ended September 30, 2019, was SGD 11,155,791, down 42.1% from SGD 19,185,446 in the same period of 2018[25] Costs and Expenses - Total employee costs for the nine months ended September 30, 2019, amounted to SGD 3.72 million, an increase from SGD 3.13 million in 2018[43] - Sales and administrative expenses for the nine months ended September 30, 2019, were approximately SGD 3.01 million, a decrease from SGD 3.88 million in 2018[44] - The company incurred professional service fees of approximately SGD 710,000 related to its proposed listing transfer during the nine months ended September 30, 2019[44] - The group incurred professional service fees related to the listing transfer amounting to SGD 188,000 for the three months ended September 30, 2019[29] Assets and Equity - The company’s total equity as of September 30, 2019, was SGD 30,384,255, reflecting an increase from SGD 24,413,072 as of September 30, 2018[9] - The group recognized a right-of-use asset of SGD 313,652 as of January 1, 2019, in accordance with the adoption of IFRS 16[19] Market and Strategic Focus - The company has been focusing on providing design, supply, manufacturing, and installation services for steel structures in various sectors, including industrial and commercial buildings[13] - The company’s operational headquarters is located in Singapore, indicating a strategic focus on the Southeast Asian market[13] - The company plans to expand its capacity and hire more staff to strengthen its market position in the steel structure industry in Singapore[57] - The demand for industrial space involving design and construction is anticipated to grow, potentially stimulating the steel structure market before 2024[56] - The company emphasizes the advantages of steel as a construction material, including its recyclability and lower labor intensity compared to concrete[56] Future Outlook - The total construction demand in Singapore for 2019 is expected to be between SGD 27 billion and SGD 32 billion, similar to the preliminary estimate of SGD 30.5 billion in 2018[54] - Public sector contributions to construction demand are projected to be between SGD 16 billion and SGD 20 billion annually from 2020 to 2023, with a balanced demand for building and civil engineering projects[56] - The company has secured a new project valued at SGD 10,600,000, which is set to commence in 2020[50] Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules for the nine months ended September 30, 2019[67] - The company has established an audit committee to assist the board in overseeing financial reporting, internal controls, and risk management systems[76] - The board consists of two executive directors and three independent non-executive directors as of the report date[77] Shareholder Information - As of September 30, 2019, Broadbville Limited holds 360,000,000 shares, representing approximately 75% of the issued share capital[63] - The company did not recommend any dividends for the nine months ended September 30, 2019, consistent with 2018[35] - The company did not recommend the payment of dividends for the nine months ended September 30, 2019[71] Acquisitions - On March 18, 2019, the company’s wholly-owned subsidiary G-Tech Metal entered into a share purchase agreement to acquire all issued shares of Kay Huat Trading Company Private Limited for SGD 3,500,000[72] - The acquisition is expected to enhance the company's production and manufacturing capacity, providing additional storage space for beams and steel to meet increasing demand[73] Risk Factors - The company is exposed to foreign exchange risk due to holding funds in Hong Kong dollars, which are subject to fluctuations against the Singapore dollar[47] Other Information - The company has not experienced any significant events after the nine months ended September 30, 2019, up to the report date[75] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the nine months ended September 30, 2019[66] - The compliance advisor has confirmed that there are no interests that need to be disclosed under GEM listing rules as of September 30, 2019[68] - The weighted average incremental borrowing rate applicable to lease liabilities as of January 1, 2019, was 4.79%[19] - The group reported a loss of SGD 510 from the sale of property, plant, and equipment for the nine months ended September 30, 2019[28]
高原之宝(08402) - 2019 Q3 - 季度财报