Financial Performance - The company's revenue for the six months ended June 30, 2025, was approximately SGD 23.2 million, a decrease of about SGD 8.3 million or 26.2% compared to SGD 31.5 million for the same period in 2024[7]. - The loss for the six months ended June 30, 2025, was approximately SGD 2.3 million, down from a profit of SGD 0.2 million for the same period in 2024[15]. - The group reported total revenue of SGD 23.2 million for the six months ended June 30, 2025, a decrease of 26.2% from SGD 31.5 million in the same period of 2024[33]. - The group incurred a loss before tax of SGD 2.2 million for the six months ended June 30, 2025, compared to a profit of SGD 0.4 million in the same period of 2024[33]. - The total comprehensive loss for the period was SGD 4.1 million, compared to a comprehensive income of SGD 1.1 million in the prior year[35]. - The group reported a loss attributable to shareholders of SGD 2,401,000 for the six months ended June 30, 2025, compared to a profit of SGD 253,000 in 2024[74]. Revenue Breakdown - Revenue from the U.S. furniture sales segment decreased from approximately SGD 22.0 million to about SGD 15.1 million, primarily due to high interest rates and a shift in consumer spending priorities[8]. - Revenue from the furniture sales segment in Singapore decreased by 28.1% to approximately SGD 5.7 million, attributed to a slowdown in the high-end residential market[9]. - The interior design segment's revenue increased by 61.7% to approximately SGD 2.4 million, driven by new projects in Singapore and overseas[10]. - For the six months ended June 30, 2025, total segment revenue was SGD 23,288,000, with significant contributions from furniture sales at SGD 15,100,000 and interior design at SGD 2,386,000[57]. - Revenue from furniture sales in the United States for the six months ended June 30, 2025, was SGD 15,100,000, down from SGD 22,031,000 in 2024, indicating a decline of about 31.5%[67][69]. Cost and Profitability - The gross profit margin improved to approximately 31.6% for the six months ended June 30, 2025, up from 29.2% for the same period in 2024[15]. - The gross profit for the six months ended June 30, 2025, was SGD 7.3 million, down from SGD 9.2 million in the prior year, reflecting a decline of 20.5%[33]. - The cost of goods sold for the six months ended June 30, 2025, was SGD 14,826,000, a decrease from SGD 21,496,000 in 2024, reflecting a reduction of approximately 30.9%[70]. Financial Position - As of June 30, 2025, the total borrowings of the group amounted to approximately SGD 51 million, down from SGD 70 million as of December 31, 2024[16]. - The group held cash and cash equivalents totaling approximately SGD 30.6 million as of June 30, 2025, compared to SGD 31.7 million as of December 31, 2024[16]. - The current ratio of the group was approximately 4.9 as of June 30, 2025, an increase from 4.5 as of December 31, 2024[16]. - The company’s total equity decreased from SGD 56,152,000 to SGD 52,024,000, a decline of approximately 7.4%[38]. - Total liabilities decreased from SGD 25,336,000 to SGD 21,943,000, representing a decrease of approximately 13.1%[36]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2025, was SGD 810,000, down from SGD 9,007,000 in 2024, a decrease of approximately 91%[41]. - The company invested SGD 11,000 in property, plant, and equipment during the first half of 2025, a significant decrease from SGD 1,425,000 in the same period of 2024[92]. - The company incurred financing costs of SGD 292,000 during the period, with interest income totaling SGD 536,000[57]. Market Outlook - The company anticipates continued challenges in the U.S. market due to trade and tariff policy uncertainties, which may negatively impact financial performance in the second half of the fiscal year 2025[12]. - The interior design segment is expected to contribute positively to the company's performance in the second half of the fiscal year 2025, supported by a strong project pipeline and loyal customer base[14]. - The company plans to focus on the luxury market and enhance its market positioning through active online and offline marketing initiatives[13]. Corporate Governance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and CEO, which is deemed in the best interest of the group[105]. - The audit committee consists of five members, including non-executive and independent non-executive directors[107]. - The company has established written guidelines for securities trading for employees who may hold unpublished inside information[106]. - No directors have violated the standard code of conduct for securities trading as of June 30, 2025[106]. - The company will continue to review its corporate governance policies to ensure compliance with best practices[105].
设计都会(01545) - 2025 - 中期财报