Financial Performance - For the three months ended March 31, 2019, the group's revenue was approximately SGD 7,548,000, an increase of about SGD 363,000 or 5.0% compared to the same period in 2018[4] - The loss attributable to owners for the three months ended March 31, 2019, was approximately SGD 367,000, a decrease of about SGD 209,000 primarily due to a) reduced gross margin and b) increased employee costs from annual salary increases[4] - The gross profit for the three months ended March 31, 2019, was SGD 890,145, down from SGD 953,142 in the same period of 2018[5] - The total comprehensive loss for the period was SGD 367,205, compared to a loss of SGD 157,785 for the same period in 2018[5] - Other income for the three months ended March 31, 2019, was SGD 56,790, down from SGD 108,192 in the same period of 2018[18] - Overall gross profit margin decreased from 13.3% in 2018 to 11.8% in 2019[32] - The company recorded a loss of approximately SGD 367,000 for the three months ended March 31, 2019, an increase in loss of about SGD 209,000 compared to the same period in 2018[39] Revenue Breakdown - Revenue from truck transportation services was SGD 6,490,213, up from SGD 5,723,177 in the previous year, while revenue from consolidation services decreased to SGD 1,057,757 from SGD 1,462,073[15] - Revenue from truck transportation services increased by approximately SGD 767,000 or 13.4% due to higher demand from a major customer and new customer transactions[31] Expenses - The total administrative expenses for the three months ended March 31, 2019, were SGD 1,278,633, compared to SGD 1,166,220 in the same period of 2018[5] - Administrative expenses increased by approximately SGD 113,000 or 9.6% to about SGD 1,279,000, primarily due to higher employee costs[37] - The financing costs for the three months ended March 31, 2019, were SGD 30,308, down from SGD 38,822 in the previous year[5] - Tax expenses decreased from approximately SGD 14,000 to about SGD 5,000 due to a reduction in taxable income[38] - Interest on bank and other loans for the three months ended March 31, 2019, was SGD 2,762, a significant decrease from SGD 8,438 in 2018[21] - Depreciation of property, plant, and equipment was SGD 553,239 for the three months ended March 31, 2019, compared to SGD 549,163 in 2018[22] Employee Costs - As of March 31, 2019, the total employee cost for the three months was approximately SGD 2,774,000, compared to SGD 2,663,000 for the same period in 2018, reflecting a year-over-year increase of about 4.2%[44] - As of March 31, 2019, the group had a total of 176 employees[44] Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15, with an exception regarding the roles of Chairman and CEO being held by the same individual[61] - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group and found the financial performance to comply with applicable accounting standards and GEM Listing Rules[65] Dividends - The company did not recommend any dividend for the three months ended March 31, 2019[4] - The board has decided not to declare any dividends for the three months ended March 31, 2019, considering the overall operating performance, financial condition, and funding needs of the group[62] Market Conditions and Future Plans - The group faced increasing challenges due to global trade uncertainties affecting Singapore's economy and market conditions in the first three months of 2019[43] - The group aims to maintain industry growth and enhance overall competitiveness while expanding its market share in Singapore[43] - The group plans to increase service capacity by purchasing new vehicles and expanding its workforce to meet business growth needs[43] Shareholding and Acquisitions - Ventris Global Limited holds 325,000,000 shares, representing 50.78% of the company, with Mr. Cai Jianglin being the beneficial owner[47] - The group did not have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[55] - There were no purchases, sales, or redemptions of the company's listed securities during the period[57] - No significant events occurred after March 31, 2019, that could materially impact the group's operations and financial performance[59]
春能控股(08430) - 2019 Q1 - 季度财报