Financial Performance - The group's revenue for the reporting period was SGD 23.7 million, a decrease of 30% compared to the same period last year[8]. - Gross profit for the reporting period was SGD 6.7 million, down 42.2% year-on-year[9]. - Profit for the period was SGD 2.1 million, a decline of 63% compared to the previous year, primarily due to a decrease in revenue from online platform management services from approximately SGD 21.0 million to SGD 11.5 million[10]. - The gross profit margin decreased from approximately 34% to 28%[10]. - The total comprehensive income for the period was SGD 733,000, significantly lower than SGD 5.9 million in the previous year[12]. - Basic and diluted earnings per share were SGD 0.20, down from SGD 0.55 in the previous year[12]. - The company reported a profit of SGD 1,608,000 for the six months ended December 31, 2022, a decrease of 64.7% from SGD 4,434,000 in the previous year[19]. - The total comprehensive income for the six months ended December 31, 2022, was SGD 507,000, significantly lower than SGD 4,662,000 for the same period in 2021[19]. - The group reported a total segment profit of SGD 6,731,000 for the six months ended December 31, 2022, down 42.3% from SGD 11,586,000 in the same period of 2021[43]. - The company reported a net profit of SGD 1.61 million for the six months ended December 31, 2022, down 63.8% from SGD 4.43 million in the same period of 2021[67]. Revenue Breakdown - The company's revenue for the six months ended December 31, 2022, was SGD 23,740,000, a decrease of 30.3% compared to SGD 34,026,000 for the same period in 2021[28]. - Revenue from search engine marketing services was SGD 9,219,000, down 8.3% from SGD 10,055,000 in the previous year[43]. - Revenue from online platform management services was SGD 11,537,000, a significant decrease from SGD 20,994,000 in the prior year, representing a decline of 45.0%[46]. - Revenue from Singapore decreased to SGD 11.52 million, down 7.3% from SGD 12.42 million year-on-year[50]. - Revenue from China significantly dropped to SGD 11.54 million, a decline of 45.0% compared to SGD 20.99 million in the previous year[50]. - The online e-commerce platform operations revenue dropped significantly by 45.0% to SGD 11.5 million, down from SGD 21.0 million in the previous year, representing 48.6% of total revenue[102]. Assets and Liabilities - Non-current assets decreased from SGD 27.6 million to SGD 19.0 million[16]. - Current assets increased from SGD 43.7 million to SGD 56.2 million, with cash and cash equivalents rising from SGD 12.3 million to SGD 16.4 million[16]. - Total liabilities increased from SGD 26.0 million to SGD 29.6 million[16]. - The company's equity attributable to owners increased from SGD 36.6 million to SGD 37.1 million[16]. - The company's total equity as of December 31, 2022, was SGD 43,079,000, an increase from SGD 40,233,000 at the end of the previous reporting period[19]. - Trade receivables increased to SGD 27,081,000 as of December 31, 2022, from SGD 18,370,000 as of June 30, 2022, representing a growth of 47%[74]. - The total amount of trade and other receivables reached SGD 39,814,000 as of December 31, 2022, compared to SGD 31,421,000 as of June 30, 2022, indicating a 27% increase[80]. - Trade payables rose to SGD 21,194,000 as of December 31, 2022, from SGD 17,358,000 as of June 30, 2022, reflecting a 22% increase[80]. - Contract liabilities decreased to SGD 4,187,000 as of December 31, 2022, from SGD 4,976,000 as of June 30, 2022[82]. Cash Flow and Financing - The operating cash flow before changes in working capital for the six months ended December 31, 2022, was SGD 2,485,000, down from SGD 7,006,000 in the previous year, reflecting a decline of 64.5%[20]. - The net cash used in operating activities for the six months ended December 31, 2022, was SGD 3,815,000, compared to a net cash inflow of SGD 5,324,000 in the same period of 2021[21]. - The company’s financing activities resulted in a net cash outflow of SGD 220,000 for the six months ended December 31, 2022, compared to an outflow of SGD 1,137,000 in the previous year[21]. - The company’s total bank borrowings amounted to SGD 2.7 million as of December 31, 2022, an increase from SGD 2.3 million as of June 30, 2022[19]. - Financial costs increased to SGD 130,000, compared to SGD 36,000 in the previous year, primarily due to higher interest expenses[58]. Strategic Focus and Future Outlook - The company plans to continue focusing on online marketing services and e-commerce platform operations as part of its growth strategy[23]. - The company expects MSIL to benefit from the easing of COVID-19 restrictions in China, which is anticipated to significantly improve its performance in the coming year[96]. - The company is actively seeking new IT service providers to enhance its technological infrastructure and develop platforms A and B[99]. - The subsidiary AMPL is enhancing its expertise in emerging advertising platforms to adapt to changing customer preferences and maintain a competitive edge[97]. - The company plans to allocate funds primarily towards enhancing technical infrastructure, which is deemed crucial for future development in the rapidly changing online marketing industry[130]. Corporate Governance and Management - The board has adopted the corporate governance code and complied with all applicable provisions, except for the separation of roles between the chairman and CEO[142]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended December 31, 2022[148]. - The company has appointed Mr. Lin Wei Bin as an independent non-executive director and chairman of the audit committee, effective November 29, 2022[149]. - The company expresses gratitude to shareholders, business partners, and customers for their continuous support during the reporting period[150].
秀商时代控股(01849) - 2023 - 中期财报