Financial Performance - For the six months ended June 30, 2023, the company reported revenue of SGD 7,221,802, a significant increase from SGD 3,643,399 in the same period of 2022, representing a growth of approximately 98.5%[11] - The gross profit for the six months ended June 30, 2023, was SGD 1,193,607, compared to a gross loss of SGD 2,204,466 in the same period of 2022, indicating a turnaround in profitability[11] - The company incurred a loss before tax of SGD 1,597,679 for the six months ended June 30, 2023, which is an improvement from a loss of SGD 3,942,858 in the same period of 2022, reflecting a reduction of approximately 59.5%[11] - The company reported a basic loss per share of SGD 0.33 for the six months ended June 30, 2023, compared to SGD 0.82 for the same period in 2022, showing an improvement of approximately 59.8%[11] - For the six months ended June 30, 2023, GT Steel Construction Group Limited reported a loss of SGD 3,942,858, compared to a loss of SGD 1,597,679 for the same period in 2022, indicating a significant increase in losses[15] - The company reported a total loss before tax for the six months ended June 30, 2023, of SGD 1,597,679, an improvement from a loss of SGD 3,942,858 in the same period of 2022[37] - For the six months ended June 30, 2023, the group reported a loss of approximately SGD 1.60 million, a decrease of about SGD 2.35 million compared to a loss of SGD 3.94 million in 2022[80] Assets and Liabilities - As of June 30, 2023, total assets amounted to SGD 10,659,902, down from SGD 11,661,770 as of December 31, 2022, indicating a decrease of about 8.6%[12] - The company's cash and cash equivalents decreased to SGD 1,173,762 as of June 30, 2023, from SGD 4,696,989 as of December 31, 2022, representing a decline of approximately 74.9%[12] - Trade receivables as of June 30, 2023, were SGD 1,819,394, down from SGD 2,213,188 as of December 31, 2022, indicating a decrease of about 17.8%[12] - The total equity of the company decreased to SGD 9,519,152 as of June 30, 2023, down from SGD 11,153,687 as of December 31, 2022, reflecting a decline of approximately 14.7%[13] - The company's lease liabilities decreased to SGD 319,339 as of June 30, 2023, from SGD 508,083 as of December 31, 2022, indicating a reduction of approximately 37.2%[13] - Current assets net value as of June 30, 2023, was approximately SGD 5,561,000, slightly down from SGD 5,832,000 as of December 31, 2022[63] - Cash and cash equivalents decreased significantly to approximately SGD 1,174,000 as of June 30, 2023, from SGD 4,697,000 as of December 31, 2022, primarily due to repayment of bank borrowings[63] - The company's current ratio improved to approximately 3.1 times as of June 30, 2023, compared to 1.9 times as of December 31, 2022[63] - The debt-to-equity ratio was approximately 9.1% as of June 30, 2023, down from 24.7% as of December 31, 2022[63] Operational Efficiency - The company has been focusing on cost management, with administrative expenses increasing to SGD 2,777,621 for the six months ended June 30, 2023, compared to SGD 1,757,256 in the same period of 2022, reflecting a rise of about 58%[11] - The company generated revenue of SGD 7,221,802 from steel structure services for the six months ended June 30, 2023, which is an increase of 98.5% compared to SGD 3,643,399 for the same period in 2022[25] - The company reported a net cash outflow from operating activities of SGD 1,367,468 for the six months ended June 30, 2023, compared to a net inflow of SGD 505,794 for the same period in 2022[17] - The total employee costs, including directors' remuneration, increased to SGD 1,116,269 for the three months ended June 30, 2023, up 43.6% from SGD 777,586 in the same period of 2022[31] - The total subcontractor costs recognized as an expense increased to SGD 1,399,490 for the three months ended June 30, 2023, up 29.9% from SGD 1,077,176 in the same period of 2022[31] Corporate Governance and Strategy - The board of directors has undergone significant changes, with several new appointments made on May 16, 2023, indicating a potential shift in corporate governance and strategic direction[6] - The company is exploring new market opportunities and strategies to enhance its operational efficiency and profitability moving forward[11] - The group aims to enhance its market position in the Singapore steel structure industry by expanding its capacity and increasing manpower[80] - The group has actively sought projects from various clients to mitigate the risk of over-reliance on a single client[81] - The board is responsible for ensuring effective risk management practices to minimize operational risks[81] - The group plans to continue managing its expenses and reviewing its business strategies to identify opportunities cautiously[82] Shareholder Information - Major shareholder Wanbao International Holdings Limited holds 329,510,000 shares, representing approximately 82.48% of the issued share capital[89] Dividends and Investments - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[34] - The company did not recommend any dividends for the six months ended June 30, 2023, consistent with the previous year[68] - No significant investments or capital asset plans were reported as of June 30, 2023[105] - There were no major acquisitions or disposals of subsidiaries, associates, or joint ventures during the six months ended June 30, 2023[106] Compliance and Audit - The company has adopted a code of conduct for securities trading, compliant with GEM listing rules, with no known violations[95] - The audit committee reviewed the unaudited results for the six months ended June 30, 2023, and provided recommendations[110] - There were no significant events occurring after the financial period ended June 30, 2023, up to the report date[107]
高原之宝(08402) - 2023 - 中期财报