Financial Performance - The group's unaudited revenue for the three months ended March 31, 2020, was approximately SGD 1,900,000, representing a slight increase of SGD 138,000 or 7.8% compared to SGD 1,762,000 for the same period in 2019[5] - The group's unaudited loss for the three months ended March 31, 2020, was approximately SGD 241,000, a decrease of SGD 539,000 or 180.9% compared to a profit of SGD 298,000 for the same period in 2019[5] - Basic loss per share for the three months ended March 31, 2020, was (0.03) Singapore cents, compared to a profit of 0.05 Singapore cents for the same period in 2019[5] - The total comprehensive loss for the three months ended March 31, 2020, was SGD 241,000, compared to a total comprehensive income of SGD 298,000 for the same period in 2019[7] - The company incurred a pre-tax loss of SGD 171,000 for the three months ended March 31, 2020, compared to a profit of SGD 298,000 for the same period in 2019[49] Operating Expenses - Total operating expenses increased to SGD 789,000 for the three months ended March 31, 2020, compared to SGD 514,000 for the same period in 2019[7] - Employee benefit expenses rose to SGD 478,000 for the three months ended March 31, 2020, compared to SGD 402,000 for the same period in 2019[7] - Depreciation of property, plant, and equipment increased to SGD 90,000 for the three months ended March 31, 2020, compared to SGD 54,000 for the same period in 2019[7] - Other operating expenses increased by approximately SGD 275,000 or 53.5% to SGD 789,000 for the three months ended March 31, 2020, compared to SGD 514,000 for the same period in 2019[69] Revenue Breakdown - Revenue from consultation services was SGD 420,000, accounting for approximately 22.0% of total revenue, while prescription and dispensing services generated SGD 586,000, representing 31.0%[38] - Revenue from treatment services reached SGD 603,000, contributing about 32.0% to total revenue, and beauty services generated SGD 25,000, making up 1.0%[52] - Other services, primarily related to laboratory tests during treatment, accounted for SGD 266,000, or 14.0% of total revenue[39] - The increase in revenue was primarily driven by an increase in prescription and dispensing services and other services related to laboratory tests during treatment[52] - Revenue from consultation services decreased from SGD 488,000 to SGD 420,000, a decline of approximately 14%[55] - Revenue from prescription and dispensing services increased from SGD 495,000 to SGD 586,000, an increase of approximately 18.4%[57] - Revenue from treatment services decreased from SGD 658,000 to SGD 603,000, a decline of approximately 8.4%[57] Equity and Shareholder Information - The group's total equity as of March 31, 2020, was SGD 14,573,000, a decrease from SGD 14,744,000 as of January 1, 2020[9] - Loh Teck Hiong, a director, holds 310,000,000 shares, representing 51.66% of the company's equity, through a controlled corporation[77] - The total equity held by major shareholders includes Brisk Success with 310,000,000 shares (51.66%) and Fung Yuen Yee with 358,000,000 shares (59.66%) as spouse interests[81] Governance and Compliance - The company has adopted the corporate governance code as per GEM listing rules and has complied with all applicable provisions during the three months ended March 31, 2020[84] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2020, and provided opinions and recommendations[100] - The audit committee consists of two independent non-executive directors, which is below the minimum number required by GEM Listing Rules[97] - The company is actively seeking suitable candidates to fill the vacancies in the board and committees to comply with GEM Listing Rules[97] - There were no interests held by directors or controlling shareholders in any competing businesses during the review period[92] - The compliance advisor, Choy Yau Capital Limited, had no interests related to the group that required disclosure under GEM Listing Rules as of March 31, 2020[93] - The company has adhered to the non-competition commitments made by its controlling shareholders as of March 31, 2020[91] Dividend Policy - The board does not recommend the payment of any dividend for the three months ended March 31, 2020[5] - The board of directors did not recommend any dividend for the three months ended March 31, 2020[50] - The board does not recommend the payment of dividends for the three months ended March 31, 2020[96] Future Outlook - The company plans to mitigate the impact of COVID-19 by selling and delivering antiviral products and launching telemedicine services[53] - The company expects to benefit from pent-up demand after the COVID-19 pandemic subsides[53] Credit Losses and Leases - The group confirms expected credit losses for debt instruments measured at amortized cost or fair value through other comprehensive income, with no impairment losses recognized for equity investments[21] - Expected credit losses are updated at each reporting date to reflect changes in credit risk since initial recognition, with full period expected credit losses recognized for trade receivables[21] - The group assesses whether a contract contains a lease at the contract's inception and recognizes right-of-use assets and corresponding lease liabilities for all leases, excluding short-term leases and low-value asset leases[24] - Lease liabilities are initially measured at the present value of lease payments not yet paid, discounted using the interest rate implicit in the lease or the incremental borrowing rate[24] - The group does not reclassify comparative information when applying the cumulative catch-up method under IFRS 16[23] - The group recognizes revenue when control of products or services is transferred to customers, measuring revenue based on the expected consideration to be received[31] - The group evaluates whether a right-of-use asset is impaired according to IAS 36, recognizing any identified impairment losses[30] - Lease liabilities are remeasured when there are changes in lease terms or significant events affecting the assessment of purchase options[27] - The group applies a provision for costs related to the dismantling and removal of leased assets as per IAS 37, with costs included in the related right-of-use asset[29] - The group does not account for variable lease payments that are not dependent on an index or rate when measuring lease liabilities and right-of-use assets[30]
德斯控股(08437) - 2020 Q1 - 季度财报