Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 4,869,000, a decrease of 8.8% compared to SGD 5,338,000 for the same period in 2023[2] - Gross loss for the period was SGD 118,000, compared to a gross profit of SGD 22,000 in the previous year[2] - Operating loss narrowed to SGD 1,486,000 from SGD 2,611,000 year-on-year, indicating improved operational efficiency[2] - Net loss for the period was SGD 1,581,000, a reduction from SGD 2,676,000 in the same period last year, reflecting a 41% improvement[3] - The company reported a basic loss per share of SGD 0.23, an improvement from SGD 0.45 in the previous year[3] - The company recorded a total revenue of SGD 4,869,000 for the six months ended June 30, 2024, compared to SGD 5,338,000 in the same period of 2023, reflecting a decrease of approximately 8.8%[17][18] - The company incurred a net loss before tax of (SGD 1,581,000) for the six months ended June 30, 2024, an improvement from a net loss of (SGD 2,676,000) in the same period of 2023, representing a reduction of approximately 41%[7][18] - The group recorded a net loss of approximately SGD 1.6 million for the six months ended June 30, 2024, compared to a net loss of approximately SGD 2.7 million for the same period last year[62] Assets and Liabilities - Total assets decreased to SGD 9,496,000 as of June 30, 2024, down from SGD 10,059,000 at the end of 2023[4] - Current liabilities increased to SGD 5,963,000 from SGD 4,566,000, primarily due to higher borrowings[5] - Cash and cash equivalents decreased to SGD 1,154,000 from SGD 1,598,000, indicating a liquidity challenge[4] - Non-current assets decreased to SGD 3,853,000 from SGD 4,126,000, reflecting a reduction in property, plant, and equipment[4] - As of June 30, 2024, the total value of trade receivables increased to SGD 2,625,000 from SGD 1,919,000 as of December 31, 2023, representing a growth of approximately 36.7%[40] - The carrying amount of right-of-use assets decreased to SGD 1,835,000 as of June 30, 2024, from SGD 2,142,000 as of December 31, 2023, reflecting a decline of approximately 14.3%[36] - The total lease liabilities as of June 30, 2024, amounted to SGD 2,645,000, compared to SGD 2,942,000 as of December 31, 2023, showing a reduction of about 10.1%[36] Cash Flow and Financing - For the six months ended June 30, 2024, the company reported an operating cash flow of (SGD 683,000), an improvement from (SGD 13,000) in the same period of 2023, indicating a reduction in operational losses[7] - The financing activities generated net cash inflow of SGD 466,000 for the six months ended June 30, 2024, compared to a net cash outflow of (SGD 449,000) in the same period of 2023[8] - The company reported a significant increase in borrowings, with SGD 2,101,000 received in loans for the six months ended June 30, 2024, compared to SGD 518,000 in the same period of 2023[8] - Total borrowings increased to approximately SGD 2.6 million as of June 30, 2024, compared to SGD 1.3 million as of December 31, 2023[64] Expenses and Cost Management - Cost of goods sold for the six months ended June 30, 2024, was SGD 4,987,000, down from SGD 5,316,000 in 2023, reflecting a reduction of 6.2%[21] - Employee benefits expenses totaled SGD 1,919,000 for the six months ended June 30, 2024, a decrease of 10.3% from SGD 2,138,000 in 2023[22] - Total expenses for the six months ended June 30, 2024, were SGD 6,475,000, a decrease of 14.4% compared to SGD 7,566,000 in 2023[21] - Administrative expenses decreased by approximately SGD 0.3 million or 18.8% to about SGD 1.3 million for the six months ended June 30, 2024, primarily due to reduced legal and professional fees[61] Operational Changes and Strategy - The company has terminated its operations in the amusement machines and equipment segment as of December 2023, focusing on manufacturing and selling disposable medical device components[9] - The company has not provided specific guidance for future performance but continues to focus on operational improvements and cost management strategies[2] - The group believes its diversified business segments will promote sustainable growth despite challenges in the operating environment[57] - The group continues to manage operational costs and business growth cautiously in light of global market risks[57] Shareholder Information - The company does not recommend the payment of an interim dividend for the six months ending June 30, 2024[68] - The company has issued 113,674,358 new shares for cash, raising SGD 964,000 after expenses on December 22, 2023[46] - On July 29, 2024, the company issued 136,409,229 new shares at a price of HKD 0.072 per share, raising approximately SGD 1.672 million after expenses[75] Governance and Compliance - The company has adhered to the corporate governance code as per GEM Listing Rules, except for the separation of roles between the Chairman and CEO, which is currently held by Mr. Pan[81] - The board of directors confirmed full compliance with the trading standards for securities transactions as per GEM Listing Rules, with no non-compliance incidents reported for the six months ending June 30, 2024[82] - An audit committee has been established, consisting of three independent non-executive directors, with Professor Zhang as the chairman, responsible for reviewing financial statements and overseeing internal controls[83] - The unaudited consolidated financial information for the six months ending June 30, 2024, has been discussed and reviewed by the audit committee, ensuring compliance with applicable accounting standards and GEM Listing Rules[84]
加和国际控股(08513) - 2024 - 中期业绩