Financial Performance - For the three months ended March 31, 2020, C&N Holdings Limited reported revenue of approximately SGD 6,421,115, a decrease of about SGD 1,127,000 or 14.9% compared to SGD 7,547,970 for the same period in 2019[6]. - The company recorded a loss attributable to owners of approximately SGD 628,000, an increase of about SGD 261,000, primarily due to uncertainties in the global business environment caused by the US-China trade war and operational disruptions from the recent Covid-19 outbreak[6]. - The gross profit for the three months ended March 31, 2020, was SGD 308,367, down from SGD 890,145 in the same period of 2019[7]. - The total comprehensive loss for the period was SGD 627,893 compared to SGD 367,205 in the same period of 2019[7]. - The company reported a pre-tax loss of SGD 627,893 for the three months ended March 31, 2020, compared to a loss of SGD 362,006 in the same period in 2019[31]. - The group recorded a loss of approximately SGD 628,000 for the three months ended March 31, 2020, an increase in loss of about SGD 261,000 compared to a loss of approximately SGD 367,000 for the same period in 2019[52]. Revenue Breakdown - Revenue from truck transportation services was SGD 5,149,880, down from SGD 6,490,213 in the previous year, while revenue from consolidation services increased to SGD 1,271,235 from SGD 1,057,757[21]. - Revenue from truck transportation services decreased by approximately SGD 1,340,000 to SGD 5,150,000, a decline of about 20.6% due to unfavorable trade economic outlook and port closures[40]. - Revenue from consolidation services increased by approximately 20.1% or SGD 213,000, indicating a growing demand for storage and transportation services[41]. Expenses and Costs - Administrative expenses decreased to SGD 1,197,399 from SGD 1,278,633 year-over-year[7]. - The company’s financing costs decreased to SGD 14,113 from SGD 30,308 year-over-year[7]. - The total employee benefits, excluding directors' remuneration, amounted to SGD 2,203,403, down from SGD 2,433,559 in the previous year[27]. - The interest expense on lease liabilities decreased significantly to SGD 11,150 compared to SGD 27,546 in the same period last year[25]. - Total administrative expenses remained relatively stable at approximately SGD 1,197,000 compared to SGD 1,279,000 for the same period last year[50]. Equity and Shareholder Information - The total equity as of March 31, 2020, was SGD 20,010,565, down from SGD 21,618,613 as of March 31, 2019[10]. - As of March 31, 2020, Ventris Global Limited holds 325,000,000 shares, representing 50.78% of the company's total shares[65]. - Dai Wangfei owns 79,000,000 shares, accounting for 12.34% of the company's total shares[65]. Dividends - The company did not recommend any dividend for the three months ended March 31, 2020[6]. - The board of directors does not recommend the payment of dividends for the three months ended March 31, 2020, considering the overall operating performance and financial condition[80]. Impact of COVID-19 - The company’s performance was significantly impacted by external factors, including the ongoing Covid-19 pandemic and trade tensions, affecting both sales and gross margins[6]. - The company’s management team emphasized the impact of COVID-19 on global trade and logistics, affecting demand and operations significantly[37]. - The group faces increasing challenges due to global trade uncertainties and the impact of COVID-19, which has led to the closure of several international ports and a slowdown in global trade[57]. - The company has not identified any COVID-19 infections among employees as of the report date, but acknowledges the significant impact of the pandemic on its operations[76]. - The company will continue to monitor the evolving COVID-19 situation and assess its ongoing developments and responses[76]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and confirmed compliance with applicable accounting standards and GEM listing rules[81]. - The company has adopted corporate governance practices in line with GEM listing rules, with a noted exception regarding the roles of the chairman and CEO being held by the same individual[78]. Other Financial Information - The company incurred a net foreign exchange gain of SGD 215,070 for the three months ended March 31, 2020, compared to a loss of SGD 59,980 in the same period in 2019[27]. - Other income rose from approximately SGD 57,000 to about SGD 275,000, mainly due to exchange gains from the appreciation of the Hong Kong dollar against the Singapore dollar[49]. - As of March 31, 2020, the company has approximately SGD 4,274,000 in vehicles under finance leases, which are pledged as collateral for related lease liabilities[72]. - The company has not reported any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[71]. - The company has not purchased, sold, or redeemed any of its listed securities during the period[73].
春能控股(08430) - 2020 Q1 - 季度财报