Financial Performance - The company reported revenue of SGD 7,392,000 for the six months ended June 30, 2024, a decrease of 16% compared to SGD 8,774,000 in the same period of 2023[7]. - Gross profit for the same period was SGD 5,246,000, down from SGD 6,070,000, reflecting a decline of approximately 14% year-over-year[7]. - The company incurred a loss attributable to owners of SGD 804,000, an improvement from a loss of SGD 1,156,000 in the previous year, indicating a reduction in losses by about 30%[7]. - The basic loss per share for the period was SGD (0.16), compared to SGD (0.23) in the prior year, showing a decrease in loss per share[7]. - Total comprehensive loss for the period was SGD 825,000, compared to SGD 1,166,000 in the same period last year, representing a reduction of approximately 29%[7]. - The net loss for the six months ended June 30, 2024, was SGD 804,000, compared to a net loss of SGD 4,293,000 for the same period in 2023, indicating an improvement of approximately 81.3%[10]. - Revenue for the restaurant business was SGD 5,141,000 for the six months ended June 30, 2024, down 21.1% from SGD 6,520,000 in the same period of 2023[16]. - Total revenue, including bakery sales, was SGD 7,392,000 for the six months ended June 30, 2024, compared to SGD 8,774,000 in the previous year, representing a decrease of 15.7%[17]. - The group reported a pre-tax loss of SGD 796,000 for the six months ended June 30, 2024, an improvement from a loss of SGD 1,145,000 in the same period of 2023[18]. Cost Management - The company experienced a decrease in employee benefits expenses to SGD 3,008,000 from SGD 3,139,000, a reduction of about 4%[7]. - Other income and gains for the period were SGD 61,000, down from SGD 166,000, reflecting a decline of approximately 63%[7]. - The company reported a decrease in finance costs to SGD 220,000 from SGD 303,000, a reduction of about 27%[7]. - Cost of goods sold for the same period decreased by approximately SGD 0.6 million or 20.6% to SGD 2.1 million, mainly attributed to the revenue decline[38]. - Other expenses decreased by approximately SGD 0.5 million or 34.9% to SGD 0.97 million, mainly due to the reversal of impairment losses from the early termination of a lease[42]. - Labor costs increased by at least 10% over the past year, exacerbated by a decrease in foreign worker quotas and the introduction of a minimum wage for local employees[36]. - The food inflation rate rose to 6.8% year-on-year, driven by increased costs in raw materials, utilities, and labor[35]. - The company does not plan further expansion this year and will implement cost-cutting measures to better manage cash flow[36]. Asset and Liability Management - As of June 30, 2024, total non-current assets decreased to SGD 5,355,000 from SGD 6,814,000, representing a decline of approximately 21.4%[8]. - Current assets increased to SGD 2,323,000 from SGD 2,013,000, marking an increase of about 15.4%[8]. - Total liabilities increased to SGD 11,978,000 from SGD 12,302,000, a decrease of approximately 2.6%[8]. - The total cash and cash equivalents decreased to SGD 358,000 from SGD 411,000, a decline of approximately 12.9%[8]. - The company had total interest-bearing bank loans of SGD 1,454,000 as of June 30, 2024, compared to SGD 1,832,000 as of December 31, 2023, reflecting a reduction of 20.6%[31]. - The total interest-bearing and other borrowings amounted to SGD 2.2 million as of June 30, 2024, down from SGD 2.5 million as of December 31, 2023[45]. - The total deficit was SGD 4.3 million as of June 30, 2024, compared to SGD 3.5 million as of December 31, 2023[45]. Cash Flow - Cash flow from operating activities for the six months ended June 30, 2024, was SGD 2,508,000, compared to SGD 765,000 in the previous year, reflecting a significant increase of about 227.0%[11]. - The net cash flow from operating activities for the six months ended June 30, 2024, was approximately SGD 2.5 million, while cash used in investing activities was SGD 0.01 million for property, plant, and equipment[43]. - The company’s financing activities resulted in a cash outflow of SGD 2,550,000 for the six months ended June 30, 2024, compared to SGD 2,217,000 in the previous year, representing an increase of about 15.0%[11]. Shareholder and Governance Matters - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[21]. - Major shareholder Net Heart Rehabilitation Hospital holds 90,500,000 shares, representing 18.1% of the company's total shares as of June 30, 2024[51]. - The company has faced governance challenges, including a lack of independent non-executive directors, failing to meet the GEM Listing Rules requirements as of June 30, 2024[56][57]. - The audit committee was formed in accordance with GEM Listing Rules and consists of independent non-executive directors[60]. - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2024[60]. - The company expressed gratitude to shareholders, business partners, and customers for their continued support[64]. Future Strategies - The company is focused on improving operational efficiency and reducing costs in response to the challenging market conditions[6]. - Future strategies include exploring new market opportunities and potential product innovations to drive growth[6]. - The group has no specific plans for significant investments or acquisitions of capital assets as of the report date[63].
聚利宝控股(08527) - 2024 - 中期财报