Financial Performance - For the three months ended March 31, 2023, the company reported revenue of SGD 1,810,000, a decrease of 13.3% compared to SGD 2,089,000 for the same period in 2022[6] - The cost of services for the same period was SGD 2,074,000, down from SGD 2,229,000, resulting in a gross loss of SGD 264,000 compared to a gross loss of SGD 140,000 in 2022[6] - The company incurred an operating loss before tax of SGD 1,023,000, which is a 25.4% increase from the loss of SGD 816,000 in the previous year[6] - The total comprehensive loss for the period was SGD 1,028,000, compared to SGD 816,000 in the same period last year, reflecting a year-over-year increase of 26%[6] - Basic and diluted loss per share for the first quarter of 2023 was SGD 0.14, compared to SGD 0.11 for the same period in 2022[9] - The company reported a loss attributable to owners of the company of 1,023,000 SGD for the first quarter, compared to a loss of 816,000 SGD in the same period last year[36] - The loss for the three months ended March 31, 2023, was approximately 1,000,000 SGD, compared to a loss of about 800,000 SGD for the same period in 2022[49] Revenue Breakdown - Revenue from Singapore was 1,492,000 SGD, down 7.1% from 1,606,000 SGD in 2022, while revenue from Vietnam decreased by 34.2% to 318,000 SGD from 483,000 SGD[27] - Total revenue for the first quarter of 2023 was 1,810,000 SGD, a decrease of 13.4% from 2,089,000 SGD in the same period of 2022[24] - The group's revenue decreased by approximately 300,000 SGD or 14.3% to about 1,800,000 SGD for the three months ended March 31, 2023, compared to approximately 2,100,000 SGD for the same period in 2022[42] Expenses - Administrative expenses for the quarter were SGD 838,000, slightly up from SGD 823,000 in the same period last year[6] - Employee costs, including director remuneration, amounted to 2,505,000 SGD, down 7.5% from 2,709,000 SGD in 2022[34] - Research and development expenses were 64,000 SGD, a decrease of 8.6% from 70,000 SGD in the same quarter of 2022[30] - The company incurred depreciation expenses of 13,000 SGD for property, plant, and equipment, down from 36,000 SGD in the previous year[34] - Administrative expenses increased by approximately 15,000 SGD or 18.2% to about 838,000 SGD for the three months ended March 31, 2023, mainly due to an increase in auditor fees[45] Equity and Assets - As of March 31, 2023, the total equity of the company was SGD 2,861,000, a decrease from SGD 3,889,000 at the beginning of the year[11] - Total assets decreased to approximately 5,100,000 SGD as of March 31, 2023, down from about 7,100,000 SGD in 2022[50] - The current ratio showed a decrease in current assets to approximately 3,400,000 SGD, while current liabilities increased to about 1,400,000 SGD as of March 31, 2023[50] - The debt-to-equity ratio increased to approximately 45.9% as of March 31, 2023, compared to 24.7% in 2022[50] Shareholder Information - As of March 31, 2023, Mr. Huang Sheng holds 367,212,000 shares in WMCH Global Holdings Limited, representing 51.0% of the total shares[64] - Mr. Huang Sheng also has personal ownership of 708,000 shares, accounting for 0.1% of the total shares[64] - WMCH Global Holdings Limited, controlled by Mr. Huang Sheng, owns 367,212,000 shares, which is 51.0% of the company's issued share capital[69] - Tan Seow Hong, as a spouse of Mr. Huang Sheng, holds rights to 367,920,000 shares, representing 51.1% of the total shares[69] Corporate Governance - The company has established an audit committee to ensure proper governance and oversight of financial reporting and internal controls[112] - The board of directors is committed to maintaining high standards of corporate governance, believing it is essential for protecting shareholder interests and enhancing corporate value[108] - The company confirmed compliance with the GEM Listing Rules regarding public float requirements as of the reporting date[103] - The company has adhered to all relevant laws and regulations impacting its business, including health and safety and environmental regulations[106] Stock Options and Related Transactions - The company has not granted any stock options since the adoption of the stock option plan on November 6, 2019, and there are no unexercised options as of March 31, 2023[74] - The stock option plan aims to attract and retain top talent and provide additional incentives to employees and partners[77] - No related party transactions were entered into by the group during the three months ended March 31, 2023, consistent with the previous year[93] - The company has not granted any share options to directors or major shareholders that would exceed the specified limits without shareholder approval[88] Business Focus - The company continues to focus on its core business of civil and structural engineering consultancy services, with no new product launches or significant market expansions reported in this quarter[15]
WMCH Global(08208) - 2023 Q1 - 季度财报