Revenue and Profitability - Revenue for the six months ended June 30, 2023, was SGD 46,101,000, a decrease of 12.5% from SGD 52,471,000 in the same period of 2022[5] - Net profit for the period was SGD 1,016,000, down 31.3% from SGD 1,479,000 in the same period last year[5] - Basic and diluted earnings per share decreased to SGD 0.04 from SGD 0.11, representing a decline of 63.6%[8] - The company reported a net profit of SGD 1,220,000 for the six months ended June 30, 2022, which decreased to SGD 448,000 in the same period of 2023, indicating a decline of about 63.2%[14] - The net profit for the six months ended June 30, 2023, was approximately SGD 1.0 million, down from SGD 1.5 million for the same period in 2022, a decrease of about SGD 0.5 million[185] Assets and Liabilities - Total assets as of June 30, 2023, were SGD 77,308,000, down from SGD 80,065,000 at the end of 2022[12] - Current liabilities decreased to SGD 47,028,000 from SGD 51,079,000, reflecting a reduction of 7.9%[12] - The company's equity increased to SGD 56,228,000 from SGD 55,092,000, showing a growth of 2.1%[12] - The company's total liabilities decreased from 48,187,000 SGD as of December 31, 2022, to 42,100,000 SGD as of June 30, 2023, a reduction of approximately 12.6%[84] - The company's net asset value decreased from 8,340,000 SGD at the end of 2022 to 7,452,000 SGD by June 30, 2023, a decline of approximately 10.6%[63] Cash Flow and Investments - For the six months ended June 30, 2023, the net cash generated from operating activities was SGD 12,968,000, compared to a net cash used of SGD 6,338,000 in the same period of 2022, representing a significant turnaround[16] - Cash and cash equivalents rose to SGD 20,772,000 from SGD 16,864,000, an increase of 23.0%[12] - The net cash used in investing activities for the first half of 2023 was SGD 4,748,000, compared to SGD 893,000 in the same period of 2022, indicating increased investment outflows[16] - The company’s financing activities resulted in a net cash outflow of SGD 3,811,000 for the first half of 2023, contrasting with a net inflow of SGD 533,000 in the same period of 2022[16] - Cash and cash equivalents at the end of the period increased to SGD 20,772,000 from SGD 6,484,000, marking a substantial increase of approximately 220.5%[16] Revenue Sources and Performance - Contract engineering income decreased to 37,574 thousand SGD in 2023 from 47,520 thousand SGD in 2022, representing a decline of 21%[25] - Other income for the six months ended June 30, 2023, was 328 thousand SGD, down 70.7% from 1,115 thousand SGD in 2022[29] - The group had 40 ongoing projects with a total contract value of approximately SGD 257.5 million, of which SGD 145.5 million was recognized as revenue by June 30, 2023[168] - Contract revenue from electrical works decreased by approximately SGD 12.0 million, while telecommunications works revenue increased by approximately SGD 2.0 million, reflecting slower project progress[177] Expenses and Costs - Employee benefits expenses totaled 13,468 thousand SGD in 2023, slightly down from 13,573 thousand SGD in 2022, indicating a decrease of 0.8%[35] - The total financial costs for the six months ended June 30, 2023, were 771 thousand SGD, an increase of 46.9% from 525 thousand SGD in 2022[39] - Administrative expenses decreased from approximately SGD 5.2 million to SGD 4.9 million, primarily due to reduced professional fees and employee benefits costs[179] - The total depreciation expense for the six months ended June 30, 2023, was 2,732,000 SGD, slightly higher than the 2,690,000 SGD reported for the same period in 2022[51] Financial Position and Ratios - The capital-to-debt ratio as of June 30, 2023, was approximately 61.1%, down from 64.7% as of December 31, 2022, primarily due to a reduction in borrowings[190] - The net debt-to-total capital ratio was approximately 13.0% as of June 30, 2023, a decrease from 23.9% as of December 31, 2022, attributed to an increase in cash and cash equivalents[191] - The company’s total issued and paid-up shares remained at 1,064,000,000 shares as of June 30, 2023, with a capital of 10,640,000 HKD[130] Market and Industry Context - The construction industry in Singapore grew by 6.8% year-on-year, similar to the previous quarter's growth of 6.9%[164] - The group is actively involved in both private and public sector projects, with revenue mainly derived from contract engineering related to power cable installation, telecommunications cable installation, and drainage works[165] - The group is exploring potential opportunities in the construction materials trade in China[165] Other Notable Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the same period in 2022[131] - There were no significant events affecting the group after June 30, 2023, up to the report date[161] - The company has not early adopted any new International Financial Reporting Standards that may impact its financial performance significantly[20]
伟源控股(01343) - 2023 - 中期财报