Financial Performance - For the six months ended June 30, 2022, GT Steel reported revenue of SGD 3,643,399, a decrease of 73.9% compared to SGD 13,953,017 for the same period in 2021[6]. - The company incurred a gross loss of SGD 2,204,466 for the six months ended June 30, 2022, compared to a gross loss of SGD 34,064 in the same period of 2021[6]. - Total comprehensive loss for the six months ended June 30, 2022, was SGD 3,981,850, significantly higher than SGD 2,108,184 for the same period in 2021[6]. - The company reported a basic loss per share of SGD 0.82 for the six months ended June 30, 2022, compared to SGD 0.44 for the same period in 2021[6]. - The net loss for the six months ended June 30, 2022, was approximately SGD 3,943,000, an increase of about SGD 1,843,000 compared to a loss of SGD 2,100,000 in 2021[87]. - The gross loss for the period was approximately SGD 2,204,000, compared to a gross loss of SGD 34,000 in 2021, primarily due to slower project acquisition and increased subcontractor costs[61]. - The pre-tax loss for the six months ended June 30, 2022, was SGD 3,942,858, compared to a loss of SGD 2,099,535 for the same period in 2021, representing an increase of 88%[33]. Assets and Liabilities - As of June 30, 2022, total assets amounted to SGD 14,430,865, down from SGD 18,340,316 as of December 31, 2021, reflecting a decrease of 21.5%[7]. - The company's net asset value decreased to SGD 13,938,525 as of June 30, 2022, from SGD 17,920,375 at the end of 2021, representing a decline of 22.1%[9]. - The total liabilities as of June 30, 2022, were SGD 3,548,245, a slight decrease from SGD 3,849,137 at the end of 2021[7]. - The company's accumulated profits as of June 30, 2022, were SGD 12,896,027, down from SGD 14,995,562 at the beginning of the year[10]. - The group's current assets net value was approximately SGD 10,883,000 as of June 30, 2022, down from SGD 14,491,000 as of December 31, 2021[64]. - The current ratio was approximately 4.1 times as of June 30, 2022, down from 4.8 times as of December 31, 2021[65]. - The debt-to-equity ratio was approximately 25% as of June 30, 2022, compared to 21% as of December 31, 2021[65]. Cash Flow and Financing - The net cash generated from operating activities was SGD 505,794, compared to a net cash used of SGD 744,402 in the same period of 2021[12]. - The company reported a total cash and cash equivalents of SGD 5,344,019 at the end of the period, down from SGD 7,554,507 at the beginning of the year[12]. - The net cash used in financing activities was SGD 626,502, significantly lower than SGD 3,129,384 in the same period of 2021[12]. - The company’s cash and cash equivalents decreased to SGD 5,344,019 as of June 30, 2022, from SGD 5,563,915 at the end of 2021, a decline of 3.9%[7]. Operational Highlights - The company is focused on expanding its market presence and exploring new strategies to improve financial performance in the upcoming periods[6]. - The company anticipates that new projects will commence in the third quarter of 2022, which may impact future revenue[61]. - The company plans to enhance its market position in the Singapore steel structure industry by increasing production capacity and hiring more staff[93]. - The company has assessed the expected credit loss for trade receivables as not significant as of June 30, 2022[47]. - The company’s cash flow management includes regular reviews of customer credit quality before accepting new clients[45]. Employee and Operational Costs - Total employee costs, including director remuneration, were SGD 1,628,283 for the six months ended June 30, 2022, down 22.6% from SGD 2,103,519 in the same period of 2021[27]. - The company’s sales and administrative expenses for the period were approximately SGD 1,843,000, a decrease of about SGD 355,000 from SGD 2,198,000 in 2021[61]. - The total depreciation expense for property, plant, and equipment was SGD 90,838 for the six months ended June 30, 2022, compared to SGD 77,287 for the same period in 2021, reflecting a 17.7% increase[27]. - The cost of materials recognized as expenses was SGD 2,263,356 for the six months ended June 30, 2022, a decrease of 46.6% compared to SGD 4,243,438 for the same period in 2021[27]. Market and Economic Outlook - The construction demand in Singapore is expected to reach USD 23 billion in 2022, recovering to pre-COVID-19 levels[93]. - The ongoing supply chain issues and geopolitical tensions have led to increased energy prices, contributing to global inflationary pressures[93]. - The economic outlook for 2022 indicates continued growth, albeit with imbalances due to external demand deterioration[92]. Governance and Compliance - The board believes that a strong corporate governance framework is essential for effective management and oversight of the company[104]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with GEM listing rules[103]. - The audit committee reviewed the unaudited results for the six months ended June 30, 2022, and provided recommendations and opinions[117]. Dividends and Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2022, consistent with the previous year[30]. - The group has no dividend payments to ordinary shareholders for the six months ended June 30, 2022, consistent with 2021[69]. - As of June 30, 2022, Broadbville Limited holds 82.95% of the company's issued share capital, with 331,790,000 shares owned[99].
高原之宝(08402) - 2022 - 中期财报