Financial Performance - For the three months ended May 31, 2022, the group reported revenue of 3,511,000 SGD, a decrease of 10.3% compared to 3,916,000 SGD for the same period in 2021[5] - The group recorded a net loss of 621,000 SGD for the three months ended May 31, 2022, compared to a net loss of 869,000 SGD for the same period in 2021, representing a 28.5% improvement[5] - Total comprehensive loss for the nine months ended May 31, 2022, was 652,000 SGD, compared to 1,490,000 SGD for the same period in 2021, indicating a 56.2% reduction in losses[6] - The group reported a basic and diluted loss per share of 0.14 SGD for the three months ended May 31, 2022, compared to 0.20 SGD for the same period in 2021[5] - The company reported a pre-tax loss of SGD 1,151,000 for the three months ended May 31, 2022, compared to a loss of SGD 1,164,000 in the same period of 2021[30] - The group reported a loss of approximately SGD 679,000, a decrease from approximately SGD 1.51 million in the same period last year[52] Revenue Breakdown - Total revenue for the nine months ended May 31, 2022, was SGD 10,357,000, down 20.4% from SGD 13,023,000 in the same period of 2021[21] - Restaurant operations revenue for the three months ended May 31, 2022, was SGD 3,507,000, a decrease of 10.1% from SGD 3,900,000 in the same period of 2021[21] - Revenue from food sales dropped significantly from approximately SGD 19,000 to SGD 1,000 due to COVID-19 measures implemented by the Singapore government[43] - Revenue from franchising and licensing services decreased by about 73%, from approximately SGD 45,000 to SGD 12,000, primarily due to the impact of COVID-19 on global economies[44] - Other income for the three months ended May 31, 2022, was 104,000 SGD, down from 312,000 SGD in the same period last year, reflecting a 66.7% decrease[5] - Other income for the nine months ended May 31, 2022, was SGD 1,016,000, down 38.8% from SGD 1,661,000 in the same period of 2021[25] Cost Management - The group incurred employee costs of 1,297,000 SGD for the three months ended May 31, 2022, slightly down from 1,317,000 SGD in the previous year[5] - Employee costs decreased from approximately SGD 4.3 million to about SGD 3.8 million, a decrease of approximately 12% year-on-year[47] - The group’s depreciation and amortization expenses for the nine months ended May 31, 2022, were 1,599,000 SGD, a decrease from 4,122,000 SGD in the previous year[5] - Cost of used inventory decreased from approximately SGD 3.6 million to about SGD 2.7 million, a reduction of approximately 25% compared to the same period last year[46] - Other expenses decreased from approximately SGD 2.14 million to about SGD 1.9 million, a reduction of approximately 11.4% compared to the previous year[49] - Financial costs increased from approximately SGD 487,000 to about SGD 590,000, an increase of approximately 21% year-on-year[51] Operational Strategy - The group plans to continue its operations in restaurant management, food sales, and franchising services to ensure sufficient operating funds[12] - The company has engaged financial and legal advisors to organize fundraising activities, including a proposed rights issue[14] - The company plans to expand its restaurant network into other Southeast Asian countries, targeting the middle-income market in Singapore and Indonesia[38] - The management believes that the company has key advantages such as effective brand selection and strategic restaurant locations to achieve future growth[38] - The company aims to replicate its success by expanding its restaurant business in the Greater Bay Area as social distancing measures are relaxed[39] - The company has authorized the "Chir Chir" brand to an Indonesian franchisee to operate restaurants in Indonesia[38] Financial Support and Governance - The company has confirmed that major shareholders will provide ongoing financial support for the next 12 months[13] - The board believes that the company will have sufficient working capital to meet its current needs for at least the next 12 months[14] - Major shareholders include Canola Investment Holdings Limited, holding approximately 6.93% of the issued shares[60] - Major shareholders include Mr. Peh with 40% in Kogane Yama Restaurants and Jaesan Food Holdings, and Mr. Chen with 20% in Kota Bak Kut Teh (SRG)[64] - The audit committee, established on July 23, 2018, consists of three independent non-executive directors and is responsible for overseeing financial reporting and internal controls[74] - The company confirmed compliance with the GEM Listing Rules and corporate governance codes during the reporting period[71] Miscellaneous - The group’s total liabilities exceeded total assets, indicating a significant uncertainty regarding the group's ability to continue as a going concern[12] - The company has no dividends declared or proposed for the current period, consistent with the previous year[33] - No significant contingent liabilities or mortgaged assets were reported as of May 31, 2022[53] - No major investments or acquisitions were made during the period, aside from investments in subsidiaries[54] - No share buybacks or securities purchases were conducted during the reporting period[66] - The company has not granted or agreed to grant any share options under the share option scheme since its adoption on July 23, 2018[67] - No significant events occurred after the reporting period[73] - The company expressed gratitude to shareholders, business partners, and employees for their continued support and efforts during the period[77]
千盛集团控股(08475) - 2022 Q3 - 季度财报