Financial Performance - The company reported revenue of SGD 4,118,000 for the first quarter of 2021, an increase of 3.3% compared to SGD 3,986,000 in the same period of 2020[11]. - Gross profit for the first quarter was SGD 3,109,000, up from SGD 2,894,000 year-over-year, reflecting a gross margin improvement[11]. - The company incurred a loss before tax of SGD 444,000, significantly reduced from a loss of SGD 1,392,000 in the previous year[11]. - Total comprehensive loss attributable to owners of the company was SGD 416,000, compared to a loss of SGD 1,227,000 in the same quarter of 2020[11]. - Employee benefit expenses decreased to SGD 1,510,000 from SGD 1,717,000, indicating cost management efforts[11]. - Other income and gains increased to SGD 472,000 from SGD 99,000, contributing positively to the financial performance[11]. - The company reported a basic loss per share of SGD 0.09, an improvement from SGD 0.28 in the previous year[11]. - For the three months ended March 31, 2021, the company reported a loss of SGD 452,000 compared to a loss of SGD 1,408,000 for the same period in 2020, representing a 68% improvement in loss[22]. - Basic loss per share for the three months ended March 31, 2021, was SGD 0.09, an improvement from SGD 0.28 for the same period in 2020[27]. - The company’s total comprehensive loss for the three months ended March 31, 2021, was SGD 416,000, compared to a total comprehensive loss of SGD 1,227,000 in the same period of 2020[22]. - The company’s retained earnings as of March 31, 2021, were negative SGD 10,304,000, compared to negative SGD 9,257,000 as of March 31, 2020[22]. Revenue and Business Segments - Revenue from the restaurant business was SGD 3,405,000 for the three months ended March 31, 2021, an increase of 12.5% from SGD 3,025,000 in the same period of 2020[22]. - Total revenue, including bakery sales and franchise fees, reached SGD 4,118,000 for the three months ended March 31, 2021, compared to SGD 3,986,000 in the previous year, marking a 3.3% increase[22]. - Government grants received amounted to SGD 397,000 for the three months ended March 31, 2021, significantly up from SGD 65,000 in the same period of 2020[22]. Cost Management - Cost of goods sold decreased by approximately SGD 0.08 million or 7.6% to SGD 1.01 million for the three months ended March 31, 2021, from SGD 1.09 million for the same period in 2020[35]. - Employee benefits expenses decreased by approximately SGD 0.21 million or 12.1% to SGD 1.51 million for the three months ended March 31, 2021, from SGD 1.72 million for the same period in 2020[37]. - Financing costs decreased by approximately SGD 0.05 million or 30.1% to SGD 0.12 million for the three months ended March 31, 2021, from SGD 0.17 million for the same period in 2020[38]. Future Plans and Strategies - The company plans to continue focusing on market expansion and product development to drive future growth[10]. - The company anticipates that the establishment of travel bubbles will stimulate consumer spending and benefit the restaurant industry[32]. - The company plans to continue monitoring economic conditions and explore expansion opportunities during the downturn[32]. - The company plans to continue expanding its restaurant business in Singapore, with the opening of new restaurants postponed to the second half of 2021 due to the challenging business environment caused by COVID-19[43]. Corporate Governance and Compliance - The board confirmed that all information in the report is accurate and complete, with no misleading elements[3]. - The company is committed to maintaining compliance with corporate governance standards and enhancing shareholder value[3]. - The audit committee, consisting of independent non-executive directors, reviewed the unaudited first-quarter results for the three months ended March 31, 2021[69]. - The board believes that having the same person serve as both chairman and CEO ensures effective leadership and decision-making[65]. Shareholder Information - The company did not recommend any interim dividend for the three months ended March 31, 2021, consistent with the same period in 2020[26]. - As of March 31, 2021, Liu Wan-Zhen holds a beneficial interest in 282 million shares, representing 56.4% of the company's ordinary shares[52]. - The company has not engaged in any related party transactions during the three months ending March 31, 2021[60]. - There have been no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the same period[61]. - The company has not granted any share options since the adoption of its share option scheme on April 4, 2018, up to March 31, 2021[62]. Operational Updates - The company is actively hiring additional staff at its headquarters to improve administrative efficiency[45]. - Marketing activities and brand exposure initiatives have been funded to enhance brand awareness in Singapore and Malaysia, with ongoing collaboration with marketing consultants[46]. - The company has upgraded its information technology systems, including point-of-sale and CCTV systems in its restaurants and retail outlets[47]. - As of March 31, 2021, the company has utilized approximately HKD 18.6 million of the net proceeds, leaving HKD 5.1 million unutilized[41]. - As of March 31, 2021, the company has approximately HKD 5.1 million of unutilized net proceeds from its share offering, which is temporarily held in short-term deposits[48]. - The net proceeds from the share offering amounted to approximately HKD 23.7 million, with 76.4% allocated for expanding the restaurant business in Singapore[41]. - The board regularly evaluates the company's business objectives and may adjust plans based on market conditions to ensure business growth[48]. - There were no significant investments, acquisitions, or disposals made by the group for the three months ended March 31, 2021[71]. - The company is actively seeking suitable candidates to fill the vacancy of independent non-executive director following the resignation of Mr. Li on March 11, 2021[66].
聚利宝控股(08527) - 2021 Q1 - 季度财报