Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 31,459,000, a decrease of 32.1% compared to SGD 46,345,000 for the same period in 2023[1]. - Gross profit for the same period was SGD 9,180,000, down 28.3% from SGD 12,809,000 in 2023[1]. - Net profit for the period was SGD 239,000, representing a decline of 67.4% from SGD 733,000 in the previous year[1]. - Earnings per share attributable to shareholders was SGD 0.01, a decrease of 66.7% compared to SGD 0.03 in 2023[1]. - Total comprehensive income for the period was SGD 1,111,000, slightly up from SGD 1,015,000 in the previous year[3]. - The group reported a net profit of SGD 1,061 thousand for the six months ended June 30, 2023, reflecting a significant performance improvement[16]. - The group reported a pre-tax profit of SGD 253,000 for the six months ended June 30, 2024, compared to SGD 656,000 for the same period in 2023, reflecting a decline of approximately 61.5%[26]. - The group’s profit decreased by approximately 67.4% from about SGD 0.7 million for the six months ended June 30, 2023, to about SGD 0.2 million for the six months ending June 30, 2024[47]. Assets and Liabilities - Non-current assets increased to SGD 15,369,000 as of June 30, 2024, compared to SGD 14,873,000 as of December 31, 2023[5]. - Current assets decreased to SGD 71,539,000 from SGD 72,044,000 at the end of 2023[5]. - Total liabilities increased to SGD 19,897,000 from SGD 18,843,000 at the end of 2023[5]. - The group's total assets amounted to SGD 86,917 thousand as of December 31, 2023, with liabilities totaling SGD 30,367 thousand[17]. - Total liabilities, including accrued expenses and other payables, amounted to SGD 7.634 million as of June 30, 2024, compared to SGD 6.185 million as of December 31, 2023[36]. - The group reported a decrease in trade payables from SGD 2.845 million as of December 31, 2023, to SGD 2.528 million as of June 30, 2024[35]. Cash Flow and Financing - Cash and cash equivalents increased to SGD 34,943,000 from SGD 28,350,000 at the end of 2023[5]. - The group held cash and cash equivalents totaling approximately SGD 34.9 million as of June 30, 2024, compared to about SGD 28.4 million as of December 31, 2023[48]. - The group’s cash and bank balances (excluding fixed deposits) increased to SGD 32.537 million as of June 30, 2024, from SGD 15.875 million as of December 31, 2023[33]. - The average borrowing rate for the group’s lease liabilities ranged from 5.25% to 7.00% as of June 30, 2024, unchanged from the previous year[28]. - The group had unutilized bank financing of approximately SGD 2.8 million as of June 30, 2024, compared to SGD 2.2 million as of December 31, 2023[56]. Revenue Segments - The interior design segment generated revenue of SGD 2,510 thousand, while the furniture sales segment in Singapore contributed SGD 12,994 thousand[16]. - The group’s service income from interior design for the six months ended June 30, 2024, was SGD 1,476,000, compared to SGD 2,490,000 in 2023, reflecting a decrease of approximately 40.7%[20][22]. - The group’s total sales of furniture in the U.S. for the six months ended June 30, 2024, amounted to SGD 22,031,000, compared to SGD 30,999,000 in 2023, indicating a decline of about 29.1%[20][22]. - The U.S. furniture sales segment's revenue decreased from approximately SGD 31.0 million for the six months ended June 30, 2023, to about SGD 22.0 million for the same period in 2024[41]. - The furniture sales revenue decreased by approximately 38.1% from about SGD 12.9 million for the six months ended June 30, 2023, to about SGD 8.0 million for the six months ending June 30, 2024[42]. - The interior design segment's revenue fell by 40.7% from approximately SGD 2.5 million for the six months ended June 30, 2023, to about SGD 1.5 million for the six months ending June 30, 2024[43]. Employee and Operational Metrics - As of June 30, 2024, the group had 112 full-time employees, a decrease from 130 employees as of June 30, 2023[54]. - Employee costs amounted to approximately SGD 3.7 million for the period, down from SGD 4.4 million in the previous year[54]. Corporate Governance and Compliance - The company has adopted corporate governance principles and has complied with applicable rules, except for a specific guideline regarding the separation of roles between the Chairman and CEO[60]. - The audit committee consists of five members, including independent non-executive directors, ensuring compliance with listing rules[64]. - The interim results announcement will be published on the stock exchange and the company's website, with the interim report to be sent to shareholders in due course[65]. Market Outlook and Strategy - The group aims to capture a larger market share in the luxury market with the opening of the new "Fendi Casa" showroom in July 2024[45]. - The interior design segment is expected to contribute positively to the group in the second half of the 2024 fiscal year due to existing projects and a loyal customer base[46]. Risks and Challenges - The group faced financial risks including credit risk, foreign exchange risk, liquidity risk, and capital risk, with no changes to its financial risk management policy since the fiscal year ending December 31, 2023[12]. - The company continues to face challenges due to high interest rates and reduced disposable income affecting consumer spending on non-essential items like furniture[40].
设计都会(01545) - 2024 - 中期业绩