Revenue Performance - For the six months ended September 30, 2024, the total revenue was approximately SGD 24.1 million, a decrease of SGD 5.0 million compared to SGD 29.1 million for the same period in 2023[16]. - The revenue decline was primarily due to a reduction of approximately SGD 4.1 million in gas pipeline project revenue and SGD 0.7 million in water pipeline project revenue[16]. - Revenue for the six months ended September 30, 2024, was 24,056 thousand SGD, a decrease of 17.3% compared to 29,064 thousand SGD for the same period in 2023[147]. - The revenue from gas-related construction contracts was SGD 7,874,000, down 34.5% from SGD 11,930,000 in the previous year[185]. - The revenue from water-related construction contracts was SGD 15,964,000, a slight decrease of 4.3% compared to SGD 16,679,000 in the same period of 2023[185]. Financial Performance - The group's gross profit for the first half of 2025 was approximately SGD 2.7 million, down from SGD 3.0 million in the first half of 2024, with a gross profit margin of 11.2% compared to 10.2% in the previous period[27]. - The group recorded a loss of approximately SGD 9.6 million in the first half of 2025, an increase of about SGD 1.1 million compared to a loss of approximately SGD 8.5 million in the first half of 2024[35]. - The company reported a net loss of (9,593) thousand SGD for the period, compared to (8,466) thousand SGD in the previous year, an increase in loss of 13.3%[151]. - The group reported a loss before tax of SGD 9,676,000 for the six months ended September 30, 2024, compared to a loss of SGD 8,193,000 in the same period of 2023[181]. - The basic and diluted loss per share from continuing operations was (6.80) Singapore cents, compared to (6.43) Singapore cents in the previous year, reflecting a deterioration in performance[151]. Operational Strategy - The management strategy remains focused on actively bidding to strengthen and enhance the company's reputation in the market[17]. - The company is exploring new business opportunities globally to identify markets with growth potential for diversification[17]. - The company aims to develop the Trendzon Innovation City industrial park in China to solidify its market position in the construction industry[17]. - The board believes that expanding into potential businesses presents a good opportunity to increase revenue sources[17]. - The company is prepared to face future challenges and competition by conducting research for developing different businesses and new opportunities[17]. Cost Management - Administrative expenses rose to approximately SGD 14.3 million in the first half of 2025 from SGD 11.4 million in the same period of 2024, driven by increased rental and professional fees[31]. - The group's financial costs decreased from approximately SGD 0.9 million in the first half of 2024 to approximately SGD 0.6 million in the first half of 2025 due to a reduction in average borrowings[33]. - The group’s administrative expenses and financial costs totaled SGD 14,349,000 and SGD 587,000 respectively for the six months ended September 30, 2024[181]. Assets and Liabilities - Total assets as of September 30, 2024, were 104,648 thousand SGD, a decrease of 6.5% from 112,131 thousand SGD as of March 31, 2024[154]. - Current assets decreased to 75,372 thousand SGD from 81,752 thousand SGD, a decline of 7.3%[154]. - Total liabilities decreased from 42,272 thousand to 37,240 thousand, a reduction of approximately 12.5%[156]. - Current liabilities increased from 24,729 thousand to 26,601 thousand, an increase of about 7.5%[156]. - Non-current liabilities decreased significantly from 17,543 thousand to 10,639 thousand, a decrease of approximately 39.5%[156]. Cash Flow and Financing - Cash generated from operating activities improved to 7,045 thousand compared to a cash outflow of 17,943 thousand in the previous year[164]. - Financing activities resulted in a net cash outflow of (6,422) thousand, contrasting with a cash inflow of 22,064 thousand in the previous year[167]. - The company’s cash and cash equivalents at the end of the period increased to 2,657 thousand from 2,621 thousand[167]. Employee and Shareholder Information - The group employed a total of 540 employees as of September 30, 2024, up from 481 employees as of March 31, 2024[47]. - Employee compensation for the first half of 2025 was approximately SGD 9.4 million, compared to SGD 12.3 million in the first half of 2024[47]. - Major shareholders include Zhongbei Capital Limited and Ms. Yao Jiajia, each holding 13,800,000 shares, representing 9.74% of the issued shares as of September 30, 2024[96][97]. Corporate Governance - The company has adopted corporate governance codes to enhance accountability and shareholder value, ensuring compliance as of the reporting date[144]. - The audit committee reviewed the unaudited interim results and confirmed compliance with applicable accounting standards and regulations[145]. Market and Investment Activities - The company is in the process of acquiring Zhongshan Jiantai Ying Electric Manufacturing Co., Ltd. for a maximum consideration of RMB 8 million, which will become a wholly-owned subsidiary upon completion[75]. - The company agreed to sell its entire stake in Jumbo Harvest Group Limited for HKD 9.25 million, which is involved in regulated activities under the Securities and Futures Ordinance in Hong Kong[78]. - The company has not disclosed any new strategies or acquisitions in the provided content[123].
卓航控股(01865) - 2025 - 中期业绩