Financial Performance - Revenue for the six months ended June 30, 2022, was SGD 30,696 thousand, a slight increase of 0.8% compared to SGD 30,466 thousand for the same period in 2021[8] - Gross profit for the same period was SGD 3,194 thousand, compared to SGD 3,172 thousand in 2021, reflecting a marginal increase[8] - The company reported a net loss attributable to equity holders of SGD 296 thousand for the six months ended June 30, 2022, compared to a loss of SGD 196 thousand in the previous year, indicating a 50.0% increase in losses[8] - Basic and diluted loss per share for the period was SGD (0.03), compared to SGD (0.02) for the same period in 2021[8] - The company reported a net cash inflow from operating activities of SGD 943,000 for the six months ended June 30, 2022, compared to a cash outflow of SGD 438,000 in the same period of 2021[16] - The net loss for the six months ended June 30, 2022, was approximately SGD 0.3 million, compared to a net loss of SGD 0.2 million for the same period in 2021[90] - The net loss attributable to owners for the six months ended June 30, 2022, increased to approximately SGD 0.3 million from approximately SGD 0.2 million for the same period in 2021, mainly due to the cessation of certain COVID-19 related government subsidies[102] Assets and Liabilities - Total assets as of June 30, 2022, were SGD 46,286 thousand, down from SGD 57,602 thousand as of December 31, 2021, representing a decrease of 19.7%[10] - Total liabilities decreased to SGD 34,237 thousand as of June 30, 2022, from SGD 45,252 thousand at the end of 2021, a reduction of 24.4%[10] - The company's total equity as of June 30, 2022, was SGD 12,049 thousand, down from SGD 12,350 thousand at the end of 2021, a decrease of 2.4%[10] - Cash and cash equivalents decreased to SGD 8,498,000 as of June 30, 2022, down from SGD 10,115,000 at the end of 2021[16] - Total borrowings as of June 30, 2022, were SGD 9,290,000, down 22.0% from SGD 11,902,000 as of December 31, 2021[73] - The debt-to-equity ratio as of June 30, 2022, was 81.8%, a decrease from 101.5% as of December 31, 2021[111] Revenue Sources and Customer Dependence - The company has a significant reliance on major customers, with approximately 59.9% of total revenue generated from customers contributing over 10% of total revenue, compared to 29.3% in the previous year[32] - For the six months ended June 30, 2022, the company's revenue increased by 0.8% to approximately SGD 30.7 million compared to SGD 30.5 million for the same period in 2021[88] - The number of projects contributing to revenue increased from 35 in 2021 to 42 in 2022[94] Expenses and Costs - The company incurred finance costs of SGD 218 thousand for the six months ended June 30, 2022, compared to SGD 186 thousand in the previous year, an increase of 17.2%[8] - Total employee costs for the six months ended June 30, 2022, were SGD 5,834,000, down from SGD 7,278,000 in the same period of 2021, indicating a decrease of approximately 20%[42] - Administrative expenses for the six months ended June 30, 2022, were approximately SGD 3.8 million, a decrease from SGD 4.2 million for the same period in 2021, primarily due to cost-saving measures implemented in late 2021 and early 2022[99] - The company's service costs increased to approximately SGD 27.5 million for the six months ended June 30, 2022, from approximately SGD 27.3 million for the same period in 2021[95] Government Grants and Other Income - Government grants received amounted to SGD 427,000 for the six months ended June 30, 2022, compared to SGD 1,052,000 for the same period in 2021, reflecting a decrease of approximately 59%[35] - Other income for the six months ended June 30, 2022, was approximately SGD 0.5 million, down from SGD 1.1 million for the same period in 2021, primarily due to the cessation of certain government subsidies[97] Market and Operational Strategies - The company continues to explore market expansion opportunities and new product development strategies to enhance future performance[8] - The company expects construction demand in Singapore for 2022 to be between SGD 27 billion and SGD 32 billion, with public sector projects accounting for about 60% of total demand[89] - The company plans to expand its service offerings to MEP services, allocating SGD 4.2 million, which represents 32.3% of the total net proceeds[122] Shareholder Information and Corporate Governance - The major shareholders, including Chua Boon Par, hold 75% of the company's shares, indicating significant control[132] - The ultimate shareholders of the company include Lu Li Zhou and others, with respective ownership percentages of 33%, 15%, 12%, and 10%[127] - The company has complied with the corporate governance code during the six months ending June 30, 2022, except for the provision that the roles of chairman and CEO should be held by different individuals[141] Audit and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ending June 30, 2022, with no objections raised[143] - The company is currently applying for the resumption of trading and will continue to inform shareholders and potential investors of any significant developments regarding its business operations and financial performance[146]
RAFFLESINTERIOR(01376) - 2022 - 中期财报