Financial Performance - The group's revenue for the three months ended March 31, 2023, increased by approximately 152.47% to SGD 8.09 million compared to SGD 3.20 million in the same period of 2022[3] - The group recorded a net profit of approximately SGD 0.12 million for the three months ended March 31, 2023, compared to a net loss of SGD 0.42 million in the same period of 2022[3] - Gross profit for the three months ended March 31, 2023, was SGD 2.72 million, up from SGD 0.52 million in the same period of 2022, reflecting a significant improvement in profitability[4] - The total comprehensive income for the period was SGD 0.13 million, compared to a total comprehensive loss of SGD 0.43 million in the same period of 2022[4] - Basic and diluted earnings per share for the three months ended March 31, 2023, was SGD 0.03, compared to a loss per share of SGD 0.10 in the same period of 2022[4] - The company reported a profit before tax of SGD 121,000 for the three months ended March 31, 2023, compared to a loss of SGD 416,000 in the same period last year[26] Revenue Sources - The revenue from construction contracts was SGD 6,395,000, while tile sales contributed SGD 1,694,000, indicating a diversified revenue stream[19] - The civil engineering projects contributed approximately SGD 2.09 million to total revenue, representing 25.90% of total revenue, a significant increase from 5.20% in the previous year[28] Expenses - Administrative expenses increased to SGD 2.84 million for the three months ended March 31, 2023, compared to SGD 1.22 million in the same period of 2022[4] - The company incurred total employee benefits expenses of SGD 4,180,000, up from SGD 2,994,000 in the previous year, reflecting an increase of 39.5%[25] - Direct costs for the reporting period were approximately SGD 5.37 million, an increase of about 99.89% from SGD 2.68 million in the previous year, consistent with revenue growth[36] Equity and Financial Position - The group's total equity as of March 31, 2023, was SGD 13.61 million, an increase from SGD 13.48 million as of January 1, 2023[5] - The company is committed to maintaining sufficient cash reserves to meet expected liquidity needs and has established a solid foundation for future development through funds raised from its listing[32] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the three months ended March 31, 2023[59] - The company has complied with the applicable corporate governance code provisions, except for the separation of the roles of chairman and CEO[54] Shareholding Structure - As of March 31, 2023, Amber Capital holds 204,800,000 shares, representing 51.20% of the company's issued share capital[49] - Major shareholders include Amber Capital with 51.20% and Mr. Lai Ming Wai with 9.80% of the issued share capital[50] - Mr. Wu and Ms. Chen hold 96.77% and 3.23% of Amber Capital's issued share capital, respectively[49] - Mr. Wu and Ms. Chen are considered to have interests in each other's shares due to their spousal relationship[49] Future Outlook - The company plans to continue seeking general contractor and subcontractor projects in Singapore to capture more potential opportunities[32] - The construction demand forecast for 2023 is estimated to be between SGD 27 billion and SGD 32 billion, similar to last year's projections[31] Compliance and Reporting - The financial statements are prepared in accordance with International Financial Reporting Standards and comply with the GEM Listing Rules[10] - The company has not yet adopted the new and revised International Financial Reporting Standards, which are expected to have no significant impact on its financial performance[13] - The company did not purchase, redeem, or sell any of its listed securities during the reporting period[53] - The board does not recommend the payment of any dividends for the reporting period[56] - The company has adopted a share option scheme but has not granted any options since its adoption[58] Taxation - The company has not reported any income tax expenses for the three months ended March 31, 2023, as well as for the same period in 2022[4] - The effective corporate tax rate for Singapore remains at 17% for both the current and previous year periods[23]
靛蓝星(08373) - 2023 Q1 - 季度财报