Revenue Performance - The group's revenue for the period was approximately SGD 94.0 million, a 75.4% increase from SGD 53.6 million in the previous period[11]. - Revenue from construction activities accounted for about 99.0% of total revenue, approximately SGD 93.1 million, compared to SGD 50.7 million in the previous period[11]. - Revenue for the six months ended June 30, 2022, was SGD 94,022,889, an increase of 75.6% compared to SGD 53,565,805 for the same period in 2021[59]. - Revenue from construction and building projects as a main contractor amounted to SGD 91,152,618, up from SGD 47,132,343 in the previous year, indicating a growth of about 93%[96]. - Major customer A contributed SGD 82,924,424 to the total revenue, significantly higher than SGD 26,955,970 from the same customer in the previous year[110]. Financial Losses - The group reported a loss attributable to owners of the company of approximately SGD 11.4 million, compared to a profit of SGD 0.2 million in the previous period[11]. - The company reported a loss before tax of SGD (11,313,185) for the six months ended June 30, 2022, compared to a profit of SGD 336,867 in the previous year[59]. - Total comprehensive loss for the period was SGD (11,365,175), a significant decline from a profit of SGD 214,439 in the same period of 2021[59]. - Basic and diluted loss per share for the period was SGD (1.42) compared to earnings of SGD 0.03 per share in 2021[59]. - The company reported a loss attributable to owners of SGD (11,365,175) for the six months ended June 30, 2022, compared to a profit of SGD 214,439 in 2021[129]. Cash and Liquidity - As of June 30, 2022, the group's cash and cash equivalents were approximately SGD 22.5 million, a decrease of about SGD 14.6 million from SGD 37.1 million as of December 31, 2021[21]. - The company experienced a net decrease in cash and cash equivalents of SGD 14,829,736, compared to a decrease of SGD 5,619,293 in the same period last year, indicating liquidity pressures[73]. - As of June 30, 2022, the company's cash and cash equivalents stood at SGD 21,550,942, down from SGD 28,004,934 at the end of the previous year[73]. - Current assets decreased to SGD 76,243,192 from SGD 83,265,165 as of December 31, 2021, primarily due to a reduction in cash and bank balances[63]. - The net current asset position was SGD 17,705,129, down from SGD 29,379,620 in the previous year[63]. Corporate Governance - The board of directors emphasizes good corporate governance to enhance shareholder value and has a clear division of roles between the chairman and the executive team[48]. - The company maintains a balanced board structure with two executive directors and three independent non-executive directors[48]. - The company has complied with all applicable corporate governance code provisions during the reporting period[48]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the period[45]. Operational Challenges - The cost of services for the same period was SGD (104,541,945), resulting in a gross loss of SGD (10,519,056) compared to a gross profit of SGD 1,122,639 in 2021[59]. - Operating cash flow before changes in working capital was negative SGD 7,047,037, a decrease from positive SGD 1,546,987 in the previous year, reflecting operational challenges[70]. - The company reported a loss provision of SGD 3,079,270, indicating potential challenges in receivables management[70]. - The company is focused on restructuring and optimizing its operations to address the financial challenges faced during the reporting period[76]. Shareholder Information - The company reported a significant ownership structure, with Mr. Yang holding 51.13% and Ms. Han holding 17.04% of shares[28]. - The company has adopted a share option scheme since August 17, 2017, but no options have been granted or exercised as of June 30, 2022[43]. - The company did not recommend any dividend payment for the period, consistent with the previous period's zero dividend[52]. - The company did not declare or pay any dividends for the six months ended June 30, 2022, and 2021[128]. Assets and Liabilities - The group's equity decreased from approximately SGD 46.2 million as of December 31, 2021, to approximately SGD 34.8 million as of June 30, 2022, due to the reported loss[21]. - Non-current assets as of June 30, 2022, totaled SGD 31,174,069, a decrease from SGD 31,928,193 as of December 31, 2021[63]. - The group’s total liabilities as of June 30, 2022, were SGD 52,468,454, compared to SGD 50,601,138 as of December 31, 2021[166]. - The company has pledged approximately SGD 20.3 million in leasehold land and properties as collateral for bank borrowings[44]. - The carrying value of investment properties as of June 30, 2022, was SGD 15,827,956, compared to SGD 16,194,290 at the end of 2021[137].
BHCC HOLDING(01552) - 2022 - 中期财报