Financial Performance - Revenue for the six months ended June 30, 2024, was 45,432 thousand New Taiwan dollars, a decrease of 1.45% compared to 46,101 thousand New Taiwan dollars for the same period in 2023[1] - Gross profit for the same period was 6,070 thousand New Taiwan dollars, down 15.5% from 7,185 thousand New Taiwan dollars year-over-year[1] - Operating profit decreased to 2,206 thousand New Taiwan dollars, a decline of 20.7% compared to 2,779 thousand New Taiwan dollars in the previous year[1] - The company reported a net profit of 217 thousand New Taiwan dollars for the six months ended June 30, 2024, down 78.6% from 1,016 thousand New Taiwan dollars in the same period last year[2] - Basic earnings per share for the period were 0.0002 New Taiwan dollars, compared to 0.04 New Taiwan dollars in the previous year[2] - The company reported a net gain from the sale of properties, plants, and equipment of 67 thousand New Taiwan dollars in 2024, down from 79 thousand New Taiwan dollars in 2023, a decline of 15.19%[13] - The company’s net profit attributable to equity holders for the six months ended June 30, 2024, is 2,000 thousand New Taiwan dollars, compared to 448 thousand New Taiwan dollars for the same period in 2023[20] - The group recorded a net profit of approximately 0.2 million SGD for the six months ending June 30, 2024, down from about 1.0 million SGD for the six months ended June 30, 2023, representing a decrease of approximately 0.8 million SGD[61] Assets and Liabilities - Total assets as of June 30, 2024, were 76,948 thousand New Taiwan dollars, a decrease from 80,529 thousand New Taiwan dollars as of December 31, 2023[3] - The company's total liabilities decreased to 41,925 thousand New Taiwan dollars from 47,291 thousand New Taiwan dollars, reflecting a reduction of 11.2%[3] - Cash and cash equivalents stood at 18,447 thousand New Taiwan dollars, slightly down from 18,967 thousand New Taiwan dollars at the end of 2023[3] - The total trade receivables as of June 30, 2024, amount to 11,247 thousand New Taiwan dollars, an increase from 7,988 thousand New Taiwan dollars as of December 31, 2023[26] - The company’s trade receivables aging analysis shows that 8,585 thousand New Taiwan dollars are less than 30 days overdue as of June 30, 2024, compared to 6,398 thousand New Taiwan dollars as of December 31, 2023[27] - The company’s total borrowings, including bank and non-bank loans, were reported at 26,815,000 New Taiwan Dollars as of June 30, 2024[31] - The debt-to-equity ratio improved to approximately 52.3% as of June 30, 2024, down from 57.2% as of December 31, 2023, due to a reduction in borrowings[66] Revenue Sources and Customer Information - The group reported revenue of 16,678 thousand SGD for Customer 1 in the six months ended June 30, 2024, compared to 10,923 thousand SGD for the same period in 2023, representing a growth of approximately 52%[10] - Customer 2 generated revenue of 8,915 thousand SGD in the six months ended June 30, 2024, while Customer 3 generated 6,734 thousand SGD, both of which were not applicable in the previous year[10] - The group operates primarily in Singapore, focusing on civil engineering projects, with all assets and liabilities located in Singapore[9] - The group’s revenue primarily comes from contract works related to electrical and telecommunications cabling, road milling and resurfacing services, and sales of goods and scrap materials[44] Cost and Expenses - Selling costs increased from approximately 38.9 million SGD to about 39.4 million SGD, reflecting a rise of about 1.3%[52] - Administrative expenses decreased from approximately 4.9 million SGD to about 4.3 million SGD, a reduction of about 12.2%[55] - Employee costs for the six months ended June 30, 2024, totaled approximately 12.9 million SGD, compared to 13.5 million SGD for the same period in 2023[74] Financial Reporting and Governance - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring consistency with the previous year's annual consolidated financial statements[6] - The group has not adopted any new International Financial Reporting Standards that have been issued but are not yet effective, indicating a stable financial reporting environment[8] - The audit committee reviewed the group's unaudited interim results for the six months ended June 30, 2024, and had no objections[81] - The board of directors includes three executive directors and three independent non-executive directors, indicating a balanced governance structure[83] Market Conditions and Future Outlook - The construction industry in Singapore grew by 3.8% year-on-year in Q2 2024, following a growth rate of 4.1% in the previous quarter, driven by government support and emphasis on infrastructure development[43] - The group plans to adopt a cautious approach to business operations due to ongoing challenges in the post-COVID-19 environment, including high global interest rates and geopolitical tensions[45] - The group anticipates that rising material and energy prices will increase overall construction costs for ongoing projects[45] - The group plans to closely monitor global economic trends and market conditions to enhance operational efficiency[46] - The group aims to prioritize cash conservation and implement cost control measures[46] - The group will actively participate in bidding for new projects to solidify its market position[46] - The group has identified opportunities for business expansion and will proceed with caution[46]
伟源控股(01343) - 2024 - 中期业绩