Financial Performance - For the six months ended August 31, 2022, the company reported revenue of SGD 39,585,000, a decrease of 9% from SGD 43,968,000 in the same period last year[6] - Gross profit for the same period increased to SGD 6,695,000, up from SGD 5,859,000, representing a growth of 14%[6] - The net profit for the period was SGD 2,230,000, slightly down from SGD 2,240,000, indicating a decrease of 0.4%[6] - Total comprehensive income for the period was SGD 2,473,000, compared to SGD 2,034,000 in the previous year, reflecting an increase of 22%[6] - The company's revenue decreased by approximately 4.4 million SGD or 10.0% to about 39.6 million SGD for the six months ended August 31, 2022, compared to approximately 44.0 million SGD for the same period in 2021[119] - Gross profit increased by approximately 0.8 million SGD or 14.3% to about 6.7 million SGD for the six months ended August 31, 2022, with a gross margin improvement from approximately 13.3% to about 16.9%[123] Assets and Liabilities - The company's total assets as of August 31, 2022, amounted to SGD 70,432,000, up from SGD 64,787,000, marking an increase of 8%[9] - Current assets increased to SGD 47,589,000 from SGD 44,478,000, a rise of 5%[9] - The total liabilities increased to SGD 25,030,000 from SGD 21,858,000, representing an increase of 14%[9] - The equity attributable to owners of the company rose to SGD 45,402,000 from SGD 42,929,000, an increase of 6%[9] - The total cash and cash equivalents at the end of the period stood at 17,034 thousand SGD, down from 26,069 thousand SGD in the previous year, indicating a decrease in liquidity[22] - Trade receivables, net of loss provisions, were SGD 9,200,000 as of August 31, 2022, down from SGD 10,320,000 as of February 28, 2022[78] Cash Flow - The operating cash flow for the period was 8,406 thousand SGD, significantly up from 815 thousand SGD in the previous year, indicating a strong improvement in cash generation[22] - The net cash flow from investing activities was (706) thousand SGD, compared to (440) thousand SGD in the prior year, reflecting increased investment in property, plant, and equipment[22] - The total cash flow from financing activities was (50) thousand SGD, indicating minimal financing activity during the period[22] - The group's cash and cash equivalents increased by 87.2% to approximately 17.0 million SGD as of August 31, 2022, from about 9.1 million SGD on February 28, 2022[129] Revenue Sources - Major customer K contributed 18,424 thousand SGD in revenue, a substantial increase from 4,306 thousand SGD in the previous year, highlighting a significant growth in business from this client[27] - The company reported a decrease in revenue from earthworks engineering services, which fell to 2,697 thousand SGD from 5,382 thousand SGD year-over-year, indicating a shift in service demand[30] - The company’s revenue from structural engineering work was 36,888 thousand SGD, slightly down from 38,586 thousand SGD, showing a stable but declining trend in this segment[30] Expenses - Construction costs for the six months ended August 31, 2022, were 32,890,000 SGD, down from 38,109,000 SGD in 2021, indicating a decrease of about 13.0%[37] - Administrative expenses increased by approximately 0.9 million SGD or 20.3% to about 5.4 million SGD for the six months ended August 31, 2022, mainly due to higher legal and professional fees[125] - Employee benefits expenses, including directors' remuneration, totaled 2,544,000 SGD for the six months ended August 31, 2022, compared to 2,442,000 SGD in 2021, reflecting an increase of about 4.2%[37] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[6] - The company expects continued high costs for labor and materials due to inflation, impacting construction costs[118] - The company plans to enhance competitiveness and productivity through technological upgrades and innovation[118] Shareholder Information - The company has no declared dividends for the six months ending August 31, 2022[114] - The company did not recommend an interim dividend for the six months ended August 31, 2022, consistent with no dividend declared for the same period in 2021[148] - The board and senior management hold a combined 75% equity interest in the company through Brave Ocean Limited[150] Governance and Compliance - The company has adhered to the corporate governance code as of August 31, 2022, with the exception of the separation of roles between the Chairman and CEO[162] - The audit committee reviewed the unaudited interim results for the six months ending August 31, 2022, and found no disagreements with the management regarding the accounting standards and policies adopted[165]
CTR HOLDINGS(01416) - 2023 - 中期财报