Financial Performance - For the first quarter ended June 30, 2019, the company reported total revenue of SGD 10,520,000, compared to SGD 6,516,000 in the same period last year, representing a year-over-year increase of 61.5%[5] - The gross profit for the first quarter was SGD 2,805,000, up from SGD 1,314,000 in the previous year, indicating a significant improvement in profitability[5] - The company achieved a net profit before tax of SGD 1,325,000, compared to a loss of SGD 566,000 in the prior year, marking a turnaround in financial performance[11] - Total comprehensive income for the quarter was SGD 1,239,000, compared to a loss of SGD 566,000 in the same quarter last year, reflecting a positive shift in overall financial health[13] - Basic and diluted earnings per share for the quarter were SGD 0.15, compared to a loss of SGD 0.06 in the previous year, indicating improved earnings capacity[14] - The company reported other income of SGD 152,000, an increase from SGD 109,000 in the previous year, contributing to overall revenue growth[5] Operational Costs - The cost of sales was SGD 7,715,000, which is an increase from SGD 5,202,000 in the same period last year, reflecting higher operational costs associated with increased sales[5] - The cost of purchased inventory amounted to SGD 5,779,000, with specific costs for fresh and processed eggs being SGD 4,343,000 and SGD 1,436,000 respectively[39] - The company incurred a loss of SGD 626,000 from the fair value changes of biological assets, with losses of SGD 300,000 for fresh eggs and SGD 326,000 for processed eggs[39] - Employee benefits expenses totaled SGD 179,000, with SGD 86,000 attributed to fresh eggs and SGD 93,000 to processed eggs[39] - Depreciation of property, plant, and equipment was SGD 506,000, with SGD 364,000 for fresh eggs and SGD 142,000 for processed eggs[39] Market Strategy - The company is focused on expanding its market presence in Singapore, particularly in the production and sale of fresh eggs and processed egg products[25] - The company plans to invest in new product development and technology to enhance operational efficiency and product offerings in the future[25] - The company is actively exploring potential mergers and acquisitions to strengthen its market position and expand its product portfolio[25] - The company plans to expand its egg production facilities and diversify into quail egg farming to strengthen its market position as a leading egg distributor in Singapore[60] Segment Performance - For the three months ended June 30, 2019, total revenue was SGD 10,520,000, with fresh eggs contributing SGD 6,679,000 and processed eggs contributing SGD 3,841,000[39] - The total segment profit for fresh eggs was SGD 716,000, while processed eggs generated a profit of SGD 1,229,000, leading to a combined segment profit of SGD 1,945,000[39] Compliance and Governance - The company adopted IFRS 16 for leases starting April 1, 2019, which requires recognition of lease liabilities and right-of-use assets[33] - The financial statements are prepared in accordance with International Financial Reporting Standards and are presented in Singapore dollars[32] - The company maintains a commitment to high levels of corporate governance to protect shareholder interests and enhance corporate value[73] - The company has established an audit committee to oversee financial reporting and risk management systems[86] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the three months ending June 30, 2019, ensuring compliance with applicable accounting standards[86] Shareholder Information - The company's major shareholder, Radiant Grand International Limited, holds 294,800,000 shares, representing approximately 58.96% of the total shares[80] - Elite Ocean Ventures Limited, another major shareholder, holds 80,200,000 shares, representing approximately 16.04% of the total shares[83] - The company did not purchase, sell, or redeem any of its securities during the three months ending June 30, 2019[80] - The company has committed to non-competition agreements with its major shareholders to prevent any competitive activities[80] Employee and Administrative Expenses - The company’s employee benefits increased to SGD 1.628 million for the three months ended June 30, 2019, compared to SGD 1.225 million for the same period in 2018[50] - The company’s depreciation of property, plant, and equipment was SGD 611,000 for the three months ended June 30, 2019, down from SGD 745,000 in the same period in 2018[50] - Other administrative expenses increased from approximately SGD 0.5 million to SGD 0.7 million, primarily due to higher compliance costs since the company went public[71] Revenue Growth - The company's revenue increased by 62% from approximately SGD 6.5 million for the three months ended June 30, 2018, to approximately SGD 10.5 million for the three months ended June 30, 2019[59] - Revenue from fresh eggs increased from approximately SGD 3.7 million to SGD 6.7 million, representing a growth of about 81% year-over-year[62] - Revenue from processed eggs rose from approximately SGD 2.8 million to SGD 3.8 million, marking an increase of about 36% year-over-year[63] - Revenue from agricultural products recognized at fair value less estimated point of sale costs increased by approximately SGD 0.8 million (or about 160%) to SGD 1.3 million, driven by higher production of fresh eggs and increased wholesale prices[68] Other Financial Metrics - The company incurred financing costs of SGD 103,000 for the three months ended June 30, 2019, up from SGD 73,000 in the same period in 2018[48] - The company did not declare any dividends for the three months ended June 30, 2019, consistent with the same period in 2018[57] - Biological asset fair value changes resulted in a loss of approximately SGD 0.6 million, a decrease of about SGD 0.8 million compared to the previous year[69] - Selling and distribution expenses rose by approximately SGD 0.3 million (or about 50%) to SGD 0.9 million, attributed to increased employee benefits and vehicle maintenance costs[70] - Other income increased from approximately SGD 62,000 to SGD 83,000, mainly due to currency exchange gains from the appreciation of the Hong Kong dollar against the Singapore dollar[67]
永续农业(08609) - 2020 Q1 - 季度财报