Revenue Performance - For the six months ended September 30, 2022, the Group recorded total revenue of approximately SGD 21.5 million, a decrease of about SGD 6.0 million or 21.9% compared to approximately SGD 27.5 million for the same period in 2021[20]. - The revenue decrease was primarily due to a reduction in income from the building materials trading business, which did not contribute any revenue during the reporting period[30]. - Revenue for the six months ended September 30, 2022, was SGD 21,456,000, a decrease of 22% compared to SGD 27,487,000 for the same period in 2021[118]. - Construction contract revenue for the six months ended September 30, 2022, was 21,456 thousand SGD, compared to 27,487 thousand SGD for the same period in 2021, representing a decrease of approximately 22%[156]. - Customer A contributed 16,639 thousand SGD to total revenue for the six months ended September 30, 2022, up from 13,647 thousand SGD in the same period of 2021[154]. Project Developments - The Group secured 2 new gas projects and 7 new water projects during the reporting period, with a total contract value of approximately SGD 111.9 million[20]. - As of September 30, 2022, the Group had ongoing projects with a total contract value of approximately SGD 190.4 million, of which approximately SGD 50.8 million was recognized as revenue[24]. - Gas pipeline project revenue increased by approximately SGD 2.8 million, mainly due to income from existing and new projects related to the supply and installation of gas pipelines[30]. - Water pipeline project revenue increased by approximately SGD 3.9 million, primarily due to contributions from new water projects obtained during the reporting period[31]. Financial Performance - Gross profit for the first half of 2023 was approximately 1.3 million SGD, an increase of about 0.7 million SGD from approximately 0.6 million SGD in the first half of 2022, with a gross margin of 5.9% compared to 2.3% in the previous year[33]. - Loss for the first half of 2023 was approximately 10.1 million SGD, an increase of about 6.8 million SGD compared to a loss of approximately 3.3 million SGD in the first half of 2022[39]. - The company reported a significant increase in employee benefits costs, which rose to 8,003 thousand SGD from 5,260 thousand SGD, marking an increase of approximately 52%[170]. - The company reported a loss attributable to owners of the company of (10,103) thousand SGD for the six months ended September 30, 2022, compared to (3,259) thousand SGD in the same period of 2021, indicating a significant increase in losses[177]. - Basic loss per share was (0.99) SGD for the six months ended September 30, 2022, compared to (0.35) SGD in the same period of 2021, reflecting a 182.9% increase in loss per share[177]. Expenses and Costs - Sales cost decreased by approximately 6.7 million SGD or 24.8% to about 20.2 million SGD in the first half of 2023, consistent with the decline in revenue[32]. - Administrative expenses rose to approximately 11.0 million SGD in the first half of 2023, up from about 4.1 million SGD in the same period of 2022, mainly due to increased employee benefits, marketing expenses, and other operating costs[36]. - Administrative expenses surged to 4,186 thousand SGD for the six months ended September 30, 2022, compared to 1,607 thousand SGD in the same period of 2021, indicating a 160.5% increase[172]. - Total financial costs rose to 1,138 thousand SGD for the six months ended September 30, 2022, compared to 548 thousand SGD in the same period of 2021, marking a 107.5% increase[179]. Assets and Liabilities - The company’s net current assets increased to approximately 47.6 million SGD as of September 30, 2022, compared to about 39.1 million SGD as of March 31, 2022[48]. - Trade receivables and other receivables decreased from approximately 25.7 million SGD to about 22.9 million SGD, primarily due to a reduction in trade receivables by approximately 9.6 million SGD[42]. - The total liabilities decreased to 59,871 thousand SGD from 61,964 thousand SGD, a decrease of approximately 3.4%[127]. - The company’s equity increased to 49,196 thousand SGD from 41,168 thousand SGD, reflecting a growth of approximately 19.5%[130]. - The company’s total other receivables, net of expected credit loss provisions, increased to 19,581,000 SGD as of September 30, 2022, from 12,830,000 SGD as of March 31, 2022, marking a rise of 52.25%[189]. Shareholder Information - The company did not declare any interim dividend for the first half of 2023, consistent with the previous year[40]. - The company proposed amendments to the share option scheme adopted on February 26, 2019, to comply with the revised Listing Rules effective from January 1, 2023[78]. - The maximum number of shares that may be issued under the share option scheme is capped at 10% of the issued shares, equating to 92,000,000 shares[92]. - The company granted share options to 11 employees on May 4, 2022, at an exercise price of HKD 0.346 per share, valid for three years[92]. Market Conditions and Strategy - The overall business environment and economy still face many challenges and uncertainties, including high inflation rates and supply chain disruptions due to the ongoing conflict in Ukraine[20]. - The Group's strategy remains unchanged, focusing on maintaining its market position in the construction industry and providing related services[21]. - The Group is prepared to address future challenges and competition, aiming to develop different businesses and new opportunities to enrich its business portfolio[21]. - The Group believes it is on a sustainable development path and will continue to monitor global economic trends and market conditions to capture opportunities for better operational performance[21].
卓航控股(01865) - 2023 - 中期财报