Financial Performance - Revenue for the six months ended December 31, 2021, was SGD 42,922 thousand, an increase from SGD 41,821 thousand in the same period of 2020, representing a growth of 2.6%[20] - Gross profit for the period was SGD 240 thousand, a significant improvement from a gross loss of SGD 2,279 thousand in the previous year[20] - The company reported a loss attributable to shareholders of SGD 2,405 thousand for the period, compared to a loss of SGD 2,597 thousand in the previous year, showing a reduction in losses of 7.4%[20] - The company’s basic and diluted loss per share was SGD (0.30), slightly improved from SGD (0.32) in the previous year[20] - The group reported a pre-tax loss of 42,682 thousand Singapore dollars for the six months ended December 31, 2021, compared to a loss of 44,100 thousand Singapore dollars for the same period in 2020, indicating a slight improvement[56] - The group’s total comprehensive loss for the period was SGD (2,435,000), compared to a total comprehensive loss of SGD (3,618,000) in the previous year, indicating a reduction in overall losses[26] Assets and Liabilities - Total assets as of December 31, 2021, were SGD 82,750 thousand, down from SGD 86,153 thousand as of June 30, 2021, indicating a decrease of 4.7%[21] - Total liabilities decreased to SGD 49,759 thousand from SGD 50,727 thousand, reflecting a reduction of 1.9%[23] - The net asset value as of December 31, 2021, was SGD 32,991 thousand, down from SGD 35,426 thousand as of June 30, 2021, a decline of 6.9%[23] - The company’s total current assets were SGD 60,321 thousand, down from SGD 64,375 thousand, a decrease of 6.4%[21] - Cash and cash equivalents decreased to SGD 25,722 thousand from SGD 32,542 thousand, a decline of 20.9%[21] - Cash and cash equivalents at the end of the period were SGD 22,130,000, a decrease of 46.6% from SGD 41,547,000 at the end of 2020[33] Cash Flow and Investments - Operating cash flow before changes in working capital was SGD (2,054,000) for the six months ended December 31, 2021, compared to SGD (5,086,000) in the previous year, showing a significant improvement[29] - The company’s cash flow from investing activities showed a net outflow of SGD 1,354,000, compared to SGD 848,000 in the previous year, indicating increased investment activity[31] - The company’s cash flow from financing activities resulted in a net outflow of SGD 1,386,000, up from SGD 940,000 in the previous year, reflecting higher financing costs[31] Equity and Retained Earnings - Total equity as of December 31, 2021, was SGD 32,991,000, down from SGD 42,368,000 as of December 31, 2020, reflecting a decrease of approximately 22.1%[26] - The company’s retained earnings as of December 31, 2021, were SGD (1,108,000), a decrease from SGD 7,502,000 as of December 31, 2020, reflecting accumulated losses[26] Operational Highlights - The company recorded depreciation of property, plant, and equipment amounting to SGD 1,060,000, an increase of 18.7% from SGD 893,000 in the prior year[29] - The company’s contract assets increased by SGD 5,105,000, compared to an increase of SGD 2,799,000 in the previous year, indicating growth in project commitments[29] - The total contract value of the seven construction projects on hand as of December 31, 2021, was approximately SGD 342.2 million, up from SGD 293.8 million for six projects as of June 30, 2021[84] Risks and Challenges - The group continues to face credit risk, liquidity risk, and interest rate risk, with no changes to its financial risk management policies since the fiscal year ended June 30, 2021[46] - The construction industry is expected to face continued pressure on profit margins due to rising costs of key construction materials and labor shortages[85] Employee and Administrative Costs - The total employee cost for the six months ended December 31, 2021, was approximately SGD 5.6 million, an increase from SGD 5.2 million for the same period in 2020[116] - Administrative expenses increased from approximately SGD 3.2 million to SGD 3.4 million, primarily due to higher employee costs to retain key staff and align employee benefits with current market levels[95] Shareholder and Governance - The major shareholder, Ying Xi, holds 600,000,000 shares, representing 75% of the company's equity[143] - The company has adopted a share option scheme to reward employees and directors for their contributions, which was conditionally adopted on December 17, 2019[151] - The company confirmed full compliance with the standard code of conduct for securities trading by all directors during the reporting period[150] - The company has fully complied with the Corporate Governance Code during the six months ended December 31, 2021, except for the deviation from the code provision C.2.1[158]
光荣控股(09998) - 2022 - 中期财报