Financial Performance - For the three months ended September 30, 2023, the company reported revenue of SGD 6,636,746, a significant increase of 179.5% compared to SGD 2,373,706 for the same period in 2022[7] - The gross profit for the three months ended September 30, 2023, was SGD 1,624,023, compared to a gross loss of SGD 187,434 in the same period of 2022, indicating a turnaround in profitability[7] - The company recorded a profit before tax of SGD 526,257 for the three months ended September 30, 2023, compared to a loss before tax of SGD 1,062,564 in the same period of 2022[7] - For the nine months ended September 30, 2023, total revenue reached SGD 13,858,548, up 130.5% from SGD 6,017,105 in the same period of 2022[7] - The net loss for the nine months ended September 30, 2023, was SGD 1,071,422, a significant improvement from a loss of SGD 5,005,422 in the same period of 2022[7] - The company’s basic loss per share for the nine months ended September 30, 2023, was SGD 0.22, compared to a loss of SGD 1.04 per share in the same period of 2022[7] - The total comprehensive income for the three months ended September 30, 2023, was SGD 526,257, contrasting with a total comprehensive loss of SGD 1,062,564 in the same period of 2022[7] Revenue Sources - Revenue from steel structure services for the three months ended September 30, 2023, was SGD 6,636,746, a significant increase of 179.5% compared to SGD 2,373,706 in the same period of 2022[14] - For the nine months ended September 30, 2023, revenue from steel structure services reached SGD 13,858,548, up 130.5% from SGD 6,017,105 in the corresponding period of 2022[14] - Major clients contributing over 10% of total revenue included Client I with SGD 1,534,570 for the three months and SGD 3,051,966 for the nine months ended September 30, 2023[16] Operational Costs - Total employee costs, including director remuneration, amounted to SGD 950,498 for the three months ended September 30, 2023, compared to SGD 913,367 in the same period of 2022, reflecting a rise of 4.1%[21] - The company reported a total material cost recognized as an expense of SGD 1,967,344 for the three months ended September 30, 2023, compared to SGD 458,599 in the same period of 2022, indicating a substantial increase[21] - Total sales and administrative expenses for the nine months ended September 30, 2023, were approximately SGD 4.01 million, an increase of approximately SGD 1.27 million from SGD 2.74 million in 2022[29] Governance and Management - The company has appointed new directors and committee members as of May 16, 2023, indicating a potential shift in governance and strategy[3][4][5] - The company has adopted a code of conduct for securities trading by directors, with no known non-compliance as of September 30, 2023[49] - The company has established an audit committee to provide independent opinions on financial reporting procedures and risk management systems[55] - The board consists of two executive directors, four non-executive directors, and three independent non-executive directors[58] Strategic Initiatives - The company continues to focus on expanding its market presence and improving operational efficiency, as evidenced by the significant revenue growth and reduction in losses[7] - The company is actively seeking new projects to diversify customer concentration risk and expand existing capacity to meet growing demand[38] - The company is expanding its capacity and hiring more staff to strengthen its market position in the Singapore steel structure industry[41] - On July 21, 2023, the company signed a distribution agreement with Tibet Dairy, becoming the exclusive distributor of all yak milk products in Hong Kong, Macau, Taiwan, and other Asia-Pacific regions for five years[41] - The company is enhancing its sales and marketing capabilities for yak milk products through a memorandum of understanding with Highland Treasure (Hong Kong) Limited[41] Compliance and Reporting - The company has maintained compliance with corporate governance codes throughout the nine months ending September 30, 2023[50] - The report will be available on the Hong Kong Stock Exchange website for at least seven days from the publication date[58] - The report will also be published on the company's website[58] Financial Position - The company’s total equity as of September 30, 2023, was SGD 10,052,334, reflecting a decrease from SGD 11,153,687 at the beginning of the year[8] - The company incurred financing costs of SGD 29,648 for the three months ended September 30, 2023, down 21.7% from SGD 37,829 in the same period of 2022[20] - The company did not recognize any taxable profits for Singapore corporate income tax for the three months and nine months ended September 30, 2023, and 2022[22] - The company reported a depreciation expense of SGD 132,346 for property, plant, and equipment for the nine months ended September 30, 2023, slightly down from SGD 136,611 in the same period of 2022[21] - The company has no contingent liabilities or capital commitments as of September 30, 2023[34][35] - The company has not made any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures in the nine months ending September 30, 2023[53] - There were no major events occurring after the nine-month period ending September 30, 2023, up to the report date[54]
高原之宝(08402) - 2023 Q3 - 季度财报