Financial Performance - For the nine months ended September 30, 2023, the group's revenue was approximately SGD 15,538,000, a decrease of about SGD 4,634,000 or 23.0% compared to the same period in 2022[6]. - The loss attributable to owners for the nine months ended September 30, 2023, was approximately SGD 2,167,000, an improvement from a loss of SGD 5,197,000 in the same period of 2022, primarily due to a reduction in administrative expenses[6]. - For the three months ended September 30, 2023, revenue was SGD 5,407,983, down from SGD 6,732,142 in the same period of 2022[8]. - Consolidated revenue for the nine months ended September 30, 2023, was SGD 15,538,141, down 23.1% from SGD 20,171,706 in the same period of 2022[20]. - The company reported a pre-tax loss of SGD 2,166,516 for the nine months ended September 30, 2023, compared to a loss of SGD 5,196,798 in the same period of 2022, indicating an improvement[36]. - The company recorded an unaudited loss of approximately SGD 2,167,000 for the nine months ended September 30, 2023, compared to an unaudited loss of approximately SGD 5,197,000 for the same period in 2022[57]. Administrative Expenses - Administrative expenses for the nine months ended September 30, 2023, were SGD 2,714,257, significantly reduced from SGD 5,739,076 in the same period of 2022[8]. - Administrative expenses decreased by approximately SGD 3,025,000 or 52.7% to about SGD 2,714,000 for the nine months ended September 30, 2023, primarily due to the recognition of share-based payments in the previous period[55]. Equity and Share Performance - The total equity as of September 30, 2023, was SGD 16,728,046, down from SGD 17,393,240 as of September 30, 2022[9]. - The company reported a basic and diluted loss per share of SGD 0.0003 for the three months ended September 30, 2023, compared to SGD 0.015 for the same period in 2022[8]. - Basic and diluted loss per share for Q3 2023 was SGD (0.0003), an improvement from SGD (0.015) in Q3 2022[36]. - The company’s weighted average number of ordinary shares for the nine months ended September 30, 2023, was 142,436,823, down from 821,238,588 in the same period of 2022[36]. Revenue Sources - Truck transportation services revenue for Q3 2023 was SGD 4,899,899, a decrease of 15.3% from SGD 5,784,089 in Q3 2022[20]. - Revenue from truck transportation services decreased by approximately SGD 3,387,000 to SGD 13,658,000, a decline of about 19.9% due to reduced overall transaction volume[48]. Other Income and Costs - Other income for Q3 2023 included property sales of SGD 30,000, compared to SGD 11,364 in Q3 2022, reflecting a significant increase[25]. - Other income decreased by approximately SGD 183,000 to about SGD 62,000 for the nine months ended September 30, 2023, mainly due to a reduction in miscellaneous income[54]. - Financing costs for Q3 2023 totaled SGD 11,319, an increase from SGD 9,362 in Q3 2022, primarily due to higher interest on lease liabilities[28]. - The company recorded a foreign exchange loss of SGD 81,430 in Q3 2023, compared to a gain of SGD 20,795 in Q3 2022[30]. Employee Costs and Workforce - Total employee costs for the nine months ended September 30, 2023, amounted to approximately SGD 5.367 million, down from SGD 7.083 million for the same period in 2022[67]. - As of September 30, 2023, the company had a total of 140 employees, with local employees eligible for discretionary bonuses based on performance[67]. Strategic Plans and Market Position - The company plans to maintain growth and expand market share in Singapore, with a cautious approach to expansion due to global trade uncertainties[66]. - The company aims to enhance service capacity by purchasing new vehicles and expanding its workforce to meet business growth needs[66]. - The company is focused on strengthening its IT systems as part of its growth strategy[66]. Dividend and Financial Governance - The board of directors did not recommend any dividend for the nine months ended September 30, 2023[6]. - The board does not recommend declaring dividends as of September 30, 2023, considering the overall operating performance, financial condition, and funding needs[94]. - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements for the nine months ended September 30, 2023, and found them compliant with applicable accounting standards and regulations[97]. Rights Issue and Capital Management - The company completed a rights issue on February 23, 2023, issuing 125,126,400 shares at a subscription price of HKD 0.26 per share, raising approximately HKD 32.5 million[60]. - As of September 30, 2023, the company utilized approximately HKD 27.2 million of the net proceeds from the rights issue, with HKD 18.6 million allocated for employee salaries[63]. - The company has no capital commitments as of September 30, 2023[59]. - The total performance bond provided by financial institutions and insurance companies on behalf of the company amounted to SGD 670,000 as of September 30, 2023[58]. Taxation and Regulatory Environment - The company has not incurred any income tax liabilities in the Cayman Islands and British Virgin Islands, benefiting from tax regulations[34].
春能控股(08430) - 2023 Q3 - 季度财报