Financial Performance - The company's unaudited revenue for the three months ended March 31, 2023, increased by approximately SGD 2.53 million or 547.7% to approximately SGD 2.99 million compared to SGD 0.46 million for the same period in 2022[10] - Net profit for the review period was approximately SGD 0.68 million, an improvement from a net loss of approximately SGD 0.76 million in the previous period[10] - Basic and diluted earnings per share for the review period were approximately SGD 0.03, compared to a loss of SGD 0.04 per share for the same period in 2022[10] - The company reported a profit of SGD 681,000 for the three months ended March 31, 2023, compared to a loss of SGD 760,000 for the same period in 2022[39] - The total comprehensive income for the period was SGD 723,000, which includes foreign exchange gains of SGD 44,000, compared to a total comprehensive loss of SGD 723,000 in the previous year[12] - The total accumulated losses as of March 31, 2023, were SGD 10,864,000, a decrease from SGD 9,598,000 in the previous year, indicating a gradual improvement in financial health[12] Revenue Sources - The increase in revenue was mainly attributed to project management fees of SGD 2.63 million received from a special purpose entity developer after substantial completion of development projects[10] - Revenue from acquisition and project management fees surged to SGD 2,669,000, up from SGD 12,000 in the same period last year, indicating a growth of 22,241%[34] - Revenue from investment management services was SGD 13,000 for special purpose entity management fees and SGD 295,000 for fund management fees, compared to SGD 169,000 and SGD 270,000 respectively in the previous year[34] - Revenue from Singapore accounted for SGD 2,826,000, a substantial increase from SGD 329,000 in the previous year, reflecting a growth of 759%[28] Expenses - Employee costs increased by approximately SGD 0.71 million or 71.6%, totaling approximately SGD 1.71 million, primarily due to discretionary bonuses granted to eligible employees[10] - Total expenses for the review period included interest expenses of SGD 0.14 million, which increased by SGD 0.12 million compared to the previous period[11] - The company’s employee costs accounted for 74% of total expenses, up from 61% in the previous period[10] - Other income and gains decreased by approximately SGD 0.22 million during the review period[10] - The company recorded a tax expense of SGD 0.18 million for the review period, compared to no tax expense in the previous period[11] Business Segments and Operations - The company operates through several business segments, including investment management, project management, property management, and financial advisory services, which are crucial for revenue generation[15] - The investment management segment includes the establishment of special purpose entities for real estate projects, which is a key area for generating management fees and performance fees[20] - The company managed properties including residential and non-residential assets, providing maintenance and financial services[25] - The company’s project management services include various stages of real estate development, indicating a focus on comprehensive service offerings for real estate developers[30] Compliance and Governance - The financial statements are prepared in accordance with International Financial Reporting Standards and Singapore Financial Reporting Standards, ensuring compliance and transparency in financial reporting[16] - The company has not adopted any new accounting standards that would significantly impact the first quarter results, maintaining consistency with previous accounting policies[17] - The Audit Committee was established in accordance with the board resolution passed on December 13, 2017, and complies with GEM Listing Rules[115] - The Audit Committee consists of three independent non-executive directors, with Mr. Jiang Zhiwu serving as the chairman[115] Future Outlook and Developments - The company is actively seeking to expand its real estate investment portfolio through private equity real estate funds, enhancing its market presence and potential returns[22] - The company aims to expand its property management services and develop family office management business[91] - The company will continue to assess potential uncertainties from property cooling measures, inflation pressures, and rising interest rates[91] - The group is focusing on expanding its fund structure and management assets, with no significant changes in the number of funds managed[53] Legal and Financial Guarantees - The company has provided a financial guarantee totaling SGD 129,086,250 for the La Ville Development project, representing 75.0% of the total liabilities under the financing agreement[68] - A financial guarantee of SGD 29,980,000 has been established for the BBEC Development project, accounting for 10.0% of the total liabilities under the financing agreement[69] - The company has guaranteed SGD 19,253,107 for the Mount Emily Properties project, which reflects the total liabilities under the financing agreement[71] - A financial guarantee of SGD 28,985,400 has been provided for the Mandai Development project, representing 60.0% of the total liabilities under the financing agreement[72] - The company has established a guarantee of SGD 150,744,796 for the Landmark Development project, which corresponds to 39.2% of the total liabilities under the financing agreement[74] Shareholder Information - As of March 31, 2023, Mr. Yao and Ms. Shen collectively own 1,298,600,000 shares, representing 64.93% of the company's issued share capital[107] - Rachman Sastra holds 175,350,000 shares, representing 8.77% of the company's issued share capital[107] - Harmonious Tidings Limited holds 125,600,000 shares, representing 6.28% of the company's issued share capital[107] - The company has not received any notifications regarding interests or short positions in its shares or related securities as of March 31, 2023[110] Market Conditions - Singapore's economy grew by 0.1% year-on-year in Q1 2023, down from 2.1% in the previous quarter[87] - Private residential property price index increased by 3.2% from 188.6 points in Q4 2022 to 194.6 points in Q1 2023[87] - Private residential property rental growth was 7.4% in Q4 2022, a decrease from 8.6% in the previous quarter, marking the 9th consecutive quarter of rental growth[87] - Construction sector grew by 8.5% year-on-year in Q1 2023, following a 10.0% growth in the previous quarter[87] - The additional buyer's stamp duty for foreign buyers increased from 30% to 60%[88]
杰地集团(08313) - 2023 Q1 - 季度财报