Financial Performance - Total revenue for the six months ended March 31, 2022, was SGD 30,744,905, an increase of 39.5% compared to SGD 22,101,451 for the same period in 2021[9] - Service revenue contributed SGD 30,452,505, up from SGD 21,967,208, reflecting a growth of 38.5% year-over-year[9] - Gross profit for the period was SGD 641,341, a significant improvement from a gross loss of SGD 3,898,688 in the previous year[9] - The company reported a net loss of SGD 2,835,155, compared to a net loss of SGD 7,290,517 in the same period last year, indicating a reduction in losses by 61.1%[9] - Basic and diluted loss per share improved to SGD (0.59) from SGD (1.52) year-over-year[9] - The company experienced a pre-tax loss of SGD 2,795,857 for the six months ended March 31, 2022, an improvement compared to a loss of SGD 7,232,363 for the same period in 2021, indicating a reduction in losses by approximately 61.4%[18] - The company recorded a net loss of SGD 707,826 for the six months ended March 31, 2022, compared to a net profit of SGD 2,127,329 for the same period in 2021, indicating a significant shift in performance[15] - The loss for the period decreased from approximately SGD 7.3 million in the first half of fiscal year 2021 to approximately SGD 2.8 million in the first half of fiscal year 2022, primarily due to increased revenue and a turnaround to profitability[139] Assets and Liabilities - Non-current assets totaled SGD 34,626,886, a decrease from SGD 36,243,697 as of September 30, 2021[10] - Current assets decreased to SGD 36,414,480 from SGD 39,491,325, reflecting a decline of 7.9%[10] - Total liabilities were SGD 28,012,934, slightly down from SGD 28,485,592 in the previous period[10] - The company's net asset value decreased to SGD 27,654,030 from SGD 30,489,185, a decline of 9.2%[13] - As of March 31, 2022, the company reported a total equity of SGD 27,654,030, down from SGD 30,489,185 as of September 30, 2021, reflecting a decrease of approximately 9.5%[15] - The company's total liabilities decreased from SGD 11,294,517 as of September 30, 2021, to SGD 10,000,000 as of March 31, 2022, reflecting a reduction of approximately 11.4%[15] - Current liabilities due within one year were 9,958,522 SGD, down from 10,350,619 SGD, reflecting a reduction of 3.8%[18] - Total lease liabilities decreased to 2,723,627 SGD from 3,826,025 SGD, representing a decline of 28.9%[19] Cash Flow and Financing - Operating cash flow for the six months ended March 31, 2022, was SGD 2,363,491, a significant increase from SGD 625,943 in the previous year, representing a growth of approximately 277.5%[18] - The company reported a net cash outflow from financing activities of SGD 3,084,940 for the six months ended March 31, 2022, compared to SGD 1,216,889 in the prior year, indicating a decline in cash flow from financing[20] - The company’s cash and cash equivalents decreased to SGD 8,557,243 as of March 31, 2022, down from SGD 9,518,932 at the end of the previous year, reflecting a decrease of approximately 10.1%[20] - The total amount of bank overdrafts, bank loans, and lease liabilities was approximately SGD 26.4 million as of March 31, 2022, down from approximately SGD 28.9 million as of September 30, 2021[144] Revenue Segmentation - Revenue from construction services for the six months ended March 31, 2022, was SGD 30,452,505, a 38.5% increase from SGD 21,967,208 in the same period of 2021[32] - Total segment revenue for the group was SGD 30,744,905, compared to SGD 22,101,451 in the previous year, marking an increase of 38.5%[39] - The construction services segment accounted for 99.0% of total revenue, generating SGD 30.4 million, while property investment contributed 1.0% with SGD 0.3 million[128] Cost Management - Total employee costs, including directors' remuneration, were SGD 4,241,981, down from SGD 5,061,177, indicating cost management efforts[51] - The total employee cost for the first half of fiscal year 2022 was approximately SGD 4.2 million, compared to approximately SGD 5.1 million in the first half of fiscal year 2021, with a total of 204 employees as of March 31, 2022[155] - The company’s depreciation expense for property, plant, and equipment was SGD 1,615,914 for the six months ended March 31, 2022, slightly down from SGD 1,656,166 in the previous year[18] - The company’s total depreciation expense for the six months ended March 31, 2022, was SGD 3,512,659, compared to SGD 17,417,674 for the same period in 2021, showing a significant reduction in depreciation[60] Market and Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to enhance future performance[9] - The company aims to adopt a more strategic approach in project bidding, focusing on contracts with higher value and profit margins[121] - The Singapore government extended several relief measures until the end of June 2022 to support the construction industry affected by COVID-19[118] - The total construction demand in Singapore for 2022 is projected to be between SGD 27 billion and SGD 32 billion, with the public sector accounting for about 60% of this demand[120] Governance and Compliance - The audit committee reviewed the unaudited interim results for the six months ending March 31, 2022, and confirmed compliance with applicable accounting standards and regulations[186] - The company has fully complied with the standards of the code of conduct for securities trading by directors and relevant employees as of March 31, 2022[181] - The company has adhered to the corporate governance code as stipulated in the listing rules for the six months ending March 31, 2022[184]
S&T HLDGS(03928) - 2022 - 中期财报