Financial Performance - For the first quarter of 2023, GT Steel Construction Group Limited reported revenue of SGD 3,602,204, an increase of 17.1% compared to SGD 3,074,519 in the same period of 2022[6]. - The gross profit for the first quarter of 2023 was SGD 317,369, compared to a gross loss of SGD 105,340 in the first quarter of 2022, indicating a significant turnaround[6]. - The company incurred a loss before tax of SGD 761,774 for the first quarter of 2023, an improvement from a loss of SGD 937,976 in the same quarter of the previous year, reflecting a reduction of approximately 18.8%[6]. - The total comprehensive loss for the first quarter of 2023 was SGD 798,630, compared to SGD 976,968 in the same period of 2022, showing a decrease of about 18.2%[6]. - Basic loss per share for the first quarter of 2023 was SGD 0.16, an improvement from SGD 0.20 in the first quarter of 2022[6]. - The company reported other income of SGD 92,324 for the first quarter of 2023, slightly down from SGD 99,555 in the same period of 2022[6]. - Administrative expenses increased to SGD 1,054,075 in the first quarter of 2023, compared to SGD 844,338 in the same quarter of 2022, reflecting a rise of approximately 24.8%[6]. - Financing costs decreased to SGD 29,437 in the first quarter of 2023 from SGD 52,986 in the same period of 2022, indicating a reduction of about 44.6%[6]. - The company recorded a loss of approximately SGD 761,774 for the three months ended March 31, 2023, a reduction of about SGD 176,000 compared to a loss of SGD 937,976 in the same period last year[27]. - The net loss for the three months ended March 31, 2023, was approximately SGD 762,000, a decrease from a net loss of SGD 938,000 in the same period of 2022, attributed to new projects post-COVID-19[39]. Revenue and Customer Contributions - Major customer I contributed SGD 1,580,235 to total revenue in Q1 2023, while major customer II contributed SGD 2,188,753 in Q1 2022[19]. - Revenue for the three months ended March 31, 2023, was approximately SGD 3,602,000, an increase of SGD 527,000 or 17.1% compared to SGD 3,075,000 for the same period in 2022[39]. Employee and Operational Insights - The group employed 131 staff as of March 31, 2023, compared to 116 in 2022, with total employee costs of approximately SGD 1,008,000 and SGD 851,000 for the respective periods[37]. - Total sales and administrative expenses increased to approximately SGD 1,108,000 in Q1 2023 from SGD 879,000 in Q1 2022, primarily due to increased wages and salaries from hiring foreign workers[31]. Strategic Focus and Market Position - The company has been focusing on providing design, supply, manufacturing, and installation services for steel structures, which is crucial for its operational strategy[9]. - The group aims to expand capacity and hire more staff to strengthen its market position in the steel structure industry in Singapore[40]. - The group is actively seeking projects from other clients to diversify customer concentration risk and expand existing capacity to meet higher demand[40]. - The demand for civil engineering construction is expected to remain strong, supported by infrastructure projects and the construction of water treatment plants and educational buildings[44]. Financial Management and Governance - The group will continue to manage expenses prudently and review business strategies while seeking new opportunities[43]. - The board is responsible for ensuring effective risk management practices to mitigate operational risks associated with project delays and subcontractor involvement[42]. - The company has maintained compliance with the corporate governance code as of March 31, 2023[56]. - The audit committee reviewed the unaudited results for the three months ended March 31, 2023, and provided recommendations[69]. Shareholder and Market Information - GT Steel Construction Group Limited's shares have been listed on the GEM of the Hong Kong Stock Exchange since November 17, 2017, indicating its established presence in the market[9]. - Public shareholders hold at least 25% of the company's total issued share capital as of the report date[68]. - The company did not declare any dividends for the three months ended March 31, 2023, consistent with the previous year[25][64]. Future Plans and Investments - Approximately HKD 269 million (70% of the subscription proceeds) is planned for developing yak milk products in China, Hong Kong, and Southeast Asia, including distribution and marketing efforts[61]. - The company plans to use approximately HKD 77 million (20% of the subscription proceeds) for expanding its construction business in China over the next four years[61]. - The company issued 96,000,000 warrants, representing 20% of the existing share capital, with a subscription price of HKD 4.00 per share, potentially raising approximately HKD 384 million (equivalent to about SGD 66.6 million) if fully exercised[60]. Other Relevant Information - The company has no unexercised options under its share option scheme as of March 31, 2023, since its adoption in November 2017[58]. - The company has no significant events occurring after the financial period ended March 31, 2023, up to the report date[66]. - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the three months ended March 31, 2023[65]. - The company does not have any contingent liabilities or capital commitments as of March 31, 2023[35][36].
高原之宝(08402) - 2023 Q1 - 季度财报