Financial Performance - The group's revenue for the first half of 2023 was approximately SGD 10.7 million, a decrease of about 35.9% compared to SGD 16.7 million in the same period of 2022[20]. - The company's revenue for the six months ended June 30, 2023, was SGD 10,740,265, a decrease of 35.5% compared to SGD 16,714,360 in the same period of 2022[80]. - Revenue from customer contracts was SGD 10,634,830, down 36.1% from SGD 16,631,681 in the previous year[100]. - The company reported a net loss attributable to equity holders of SGD 2,842,052 for the six months ended June 30, 2023, compared to a profit of SGD 215,933 in 2022[117]. - The net loss after tax for the period was SGD 2,654,341, compared to a profit of SGD 202,666 in 2022[80]. - The company reported a basic and diluted loss per share of SGD 0.28 for the six months ended June 30, 2023, compared to earnings of SGD 0.02 per share in the same period of 2022[80]. - The gross profit for the first half of 2023 was approximately SGD 0.9 million, down 81.6% from SGD 4.9 million in the same period of 2022, resulting in a gross margin of 8.4% compared to 29.5% in 2022[29]. - The operating loss for the six months was SGD 2,683,109, compared to an operating profit of SGD 343,351 in the previous year[80]. Project and Revenue Generation - The company completed two demolition projects in the first half of 2023, generating confirmed revenue of SGD 8,267,000 from a power station and SGD 2,828,000 from a factory building[9]. - As of June 30, 2023, the company has eight ongoing demolition projects, with cumulative confirmed revenue of SGD 22,453,000 from a commercial building project and SGD 1,054,000 from another commercial building project[13]. - The company anticipates securing more awarded projects in 2023, despite facing challenges due to a decrease in demand for waste in the Asian market[18]. Economic and Market Context - The Singapore economy grew by 0.5% year-on-year in Q2 2023, with the construction sector improving by 6.9% and 6.8% in Q1 and Q2 respectively[18]. - The total construction demand in Singapore is projected to be between SGD 27 billion and SGD 32 billion for 2023, with public sector projects contributing about 60% of the total[18]. Cost and Expense Management - The total sales cost decreased from approximately SGD 11.8 million in 2022 to about SGD 9.8 million in 2023, a reduction of 16.6%[26]. - Administrative expenses for the first half of 2023 were approximately SGD 4.4 million, a decrease of 9.8% from SGD 4.9 million in 2022[30]. - Total expenses for the six months ended June 30, 2023, were SGD 14,405,087, a decrease of 14.1% from SGD 16,773,818 in 2022[103]. Asset and Equity Management - As of June 30, 2023, the group's current assets net amount was approximately SGD 19.8 million, a decrease of about 9.6% from SGD 21.9 million as of December 31, 2022[37]. - Total assets decreased from SGD 53,781,381 as of December 31, 2022, to SGD 49,973,129 as of June 30, 2023, representing a decline of approximately 7.4%[81]. - Total equity attributable to equity holders decreased from SGD 40,062,372 to SGD 37,220,320, a decline of around 4.6%[81]. - The company reported a net debt position of SGD (6,873,255) as of June 30, 2023, compared to SGD (7,266,479) as of December 31, 2022[94]. Shareholder and Governance Information - The major shareholder, Tan Chee Beng, holds 50.56% of the company's shares, amounting to 505,600,000 shares[59]. - TCB Investment Holdings Limited, a related entity, holds 34.17% of the company's shares, totaling 341,700,000 shares[63]. - The company has adopted the corporate governance code and has complied with its principles during the first half of 2023[71]. - The audit committee, consisting of three independent non-executive directors, reviewed and approved the interim financial results for the six months ended June 30, 2023[78]. Future Plans and Investments - The company aims to expand and diversify its business through investment in new opportunities to enhance shareholder value[18]. - The group plans to use the remaining proceeds for property, plant, and equipment acquisitions, professional fees for upgrading engineering classifications, and recruitment of new staff[57]. - There are no specific plans for significant investments or capital assets for the coming year as of June 30, 2023[45]. Risk Management - The group is closely monitoring foreign exchange risks, primarily due to operations in Singapore, with most revenues and expenses denominated in SGD[52].
BENG SOON MACH(01987) - 2023 - 中期财报