Revenue and Profitability - For the six months ended September 30, 2025, the company reported total revenue of approximately SGD 23.0 million, a decrease of about SGD 1.1 million compared to SGD 24.1 million for the same period in 2024[10]. - The decrease in revenue was primarily due to an increase in gas pipeline project revenue by approximately SGD 9.3 million, a decrease in water pipeline project revenue by approximately SGD 12.1 million, and an increase in construction and engineering service revenue by approximately SGD 1.8 million[10]. - The group's revenue for the first half of 2026 decreased by approximately 1.1 million SGD or 4.3% to about 23.0 million SGD compared to the first half of 2025, which was approximately 24.1 million SGD[15]. - The gross profit for the first half of 2026 was approximately 2.5 million SGD, a decrease of about 0.2 million SGD from approximately 2.7 million SGD in the first half of 2025, resulting in a gross margin of 10.7%[16]. - Revenue for the six months ended September 30, 2025, was SGD 23,023,000, a decrease of 4.3% from SGD 24,056,000 in the same period of 2024[80]. - Gross profit for the same period was SGD 2,463,000, down from SGD 2,700,000, reflecting a decline of 8.8%[80]. - Operating loss for the six months was SGD 6,563,000, an improvement from SGD 9,089,000 in the previous year, indicating a reduction of 27.7%[80]. - Loss before tax decreased to SGD 7,095,000 from SGD 9,676,000, representing a 26.8% improvement[80]. Project and Contract Information - The company secured 2 new gas pipeline projects and 2 new water pipeline projects during the reporting period, with a total contract value of approximately SGD 30.7 million[10]. - The group has eight ongoing gas pipeline projects and eight ongoing water pipeline projects with a total contract value of approximately 143.7 million SGD, of which about 96.5 million SGD has been recognized as revenue as of September 30, 2025[12]. - The group anticipates that all ongoing projects are progressing according to schedule and will not incur any liabilities to third parties[12]. - The total unfulfilled performance obligations related to construction contracts amounted to 41,247 thousand SGD as of September 30, 2025, with 5,316 thousand SGD expected to be recognized as revenue within one year[105]. Financial Position and Assets - Total assets as of September 30, 2025, amounted to SGD 133,656,000, an increase from SGD 128,373,000 as of March 31, 2025[83]. - The group's net current assets increased to approximately SGD 66.1 million from SGD 60.0 million, with cash and bank balances rising to approximately SGD 16.6 million from SGD 8.6 million[30]. - Trade receivables decreased to SGD 43,675,000 from SGD 49,607,000, a decline of 12.0%[83]. - The total contract assets amounted to 19,991 thousand SGD as of September 30, 2025, up from 15,338 thousand SGD in 2024, indicating a growth of 30.1%[104]. - The company reported a net book value of intangible assets at 49 thousand SGD as of September 30, 2025, down from 65 thousand SGD as of March 31, 2025, representing a decline of 24.6%[118]. Expenses and Losses - Administrative expenses for the first half of 2026 were approximately 10.1 million SGD, down from about 14.3 million SGD in the first half of 2025, primarily due to reduced employee costs and professional fees[20]. - The group recorded a loss of approximately 7.1 million SGD in the first half of 2026, an improvement of about 2.5 million SGD compared to a loss of approximately 9.6 million SGD in the first half of 2025[23]. - Employee compensation for the first half of 2026 was approximately SGD 8.9 million, compared to SGD 9.4 million in the first half of 2025[32]. - The company incurred a loss of 7,051 thousand SGD during the period, contributing to a cumulative loss of 12,752 thousand SGD by September 30, 2025[86]. Cash Flow and Financing - Cash generated from operating activities for the six months ended September 30, 2025, was 314 thousand SGD, a significant decrease from 7,045 thousand SGD in the same period of 2024[88]. - The company reported a net cash inflow from investing activities of 4,002 thousand SGD, compared to a net outflow of 6,601 thousand SGD in the previous year[89]. - The company’s cash and cash equivalents increased significantly to 13,931 thousand SGD by September 30, 2025, up from 4,395 thousand SGD at the beginning of the period[89]. - The financial costs decreased from approximately 587,000 SGD in the first half of 2025 to about 532,000 SGD in the first half of 2026 due to a reduction in average borrowings[22]. - The company’s total liabilities decreased from 6,684 thousand SGD to 21,688 thousand SGD, indicating a significant increase in non-controlling interests[86]. Shareholder Information and Equity - The board has decided not to declare any interim dividend for the first half of 2026, consistent with the previous year[24]. - The company issued 566,720,000 shares in a rights issue, raising approximately 100.2 million HKD net proceeds[131]. - The company completed the issuance of 28,336,000 subscription shares, raising approximately 5.617 million HKD net proceeds[131]. - The total equity rose to SGD 89,372,000 from SGD 82,416,000, reflecting an increase of 8.5%[85]. - As of September 30, 2025, Liu Jianfu holds 56,150,000 shares, representing 7.62% of the company's issued shares[51]. Employee and Share Option Plans - The company had a total of 418 employees as of September 30, 2025, down from 501 employees as of March 31, 2025[32]. - A total of 92,000,000 share options were granted under the share option plan as of May 4, 2022, fully utilizing the existing plan authorization limit[62]. - The revised share option plan allows for a maximum issuance of 110,400,000 shares, which is 10% of the issued shares as of the special general meeting date[62]. - The company granted a total of 110,400,000 share options to twelve employees on June 15, 2023, with a fair value of approximately SGD 5.1 million[68]. - The share options granted are valid for a period of three years from June 15, 2023, with a vesting period of one year[63]. Other Financial Information - The company has not encountered significant operational difficulties due to foreign exchange risks, primarily related to transactions in HKD[46]. - There are no significant contingent liabilities as of September 30, 2025[48]. - The company’s financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance with relevant accounting standards[92]. - The company operates primarily in infrastructure pipeline construction and related engineering services, focusing on gas, water, telecommunications, and power industries[90].
鹏高控股集团(01865) - 2026 - 中期业绩