Revenue and Profitability - Revenue for the six months ended December 31, 2023, was 126,305 thousand Ringgit, an increase of 7,433 thousand Ringgit or 6.3% compared to 118,872 thousand Ringgit for the same period in 2022[25] - The company reported a loss attributable to owners of the company of 3,017 thousand Ringgit, compared to a profit of 3,491 thousand Ringgit in the same period last year, a decrease of 6,508 thousand Ringgit[25] - Basic and diluted loss per share was (0.60) cents, compared to earnings of 0.70 cents per share in the prior year, a decline of 1.30 cents[25] - The total comprehensive loss for the period was MYR 3,752,000, compared to a comprehensive income of MYR 4,701,000 in the prior year[39] - The company achieved a profit before tax of 4,731 thousand ringgit for the six months ended December 31, 2023, compared to a loss of 2,486 thousand ringgit in the previous period[79] Expenses and Costs - Gross profit decreased to 2,518 thousand Ringgit, resulting in a gross margin of 2.0%, down from 7.6% in the previous year, a decline of 5.6 percentage points[25] - The direct costs for the same period were MYR 123,787,000, compared to MYR 109,869,000, resulting in an operating loss of MYR 1,936,000, down from an operating profit of MYR 5,453,000 in the previous year[38] - General and administrative expenses decreased to (6,717) thousand Ringgit from (7,894) thousand Ringgit in the previous year[27] - The company’s depreciation expenses amounted to 123 thousand ringgit, reflecting a slight increase from the previous period[81] - The company reported a net financial cost of 617 thousand ringgit for the period, compared to 634 thousand ringgit in the previous year[81] Assets and Liabilities - The total assets less current liabilities amounted to MYR 138,279,000 as of December 31, 2023, down from MYR 143,878,000 as of June 30, 2023[38] - The net current assets were reported at MYR 89,669,000, an increase from MYR 82,950,000 in the previous period[38] - The company’s total liabilities decreased to MYR 8,412,000 in bank loans and MYR 255,000 in lease liabilities as of December 31, 2023, compared to MYR 10,412,000 and MYR 138,000 respectively as of June 30, 2023[38] - The equity attributable to the owners of the company was MYR 121,997,000, a decrease from MYR 125,526,000 in the previous period[38] Income and Other Revenue - Other income for the period was 3,016 thousand Ringgit, an increase from 1,373 thousand Ringgit in the previous year[27] - The company generated other income of 3,016 thousand ringgit, significantly up from 1,373 thousand ringgit in the prior year, indicating a growth of approximately 119%[83] - The company’s interest income from financial assets measured at amortized cost increased to 1,374 thousand ringgit from 852 thousand ringgit year-over-year, representing a growth of approximately 61.5%[83] Trade Receivables and Contract Assets - As of December 31, 2023, trade receivables amounted to 98,039,000 MYR, with an allowance for doubtful accounts of 14,595,000 MYR[124] - Approximately 71% of the total trade receivables and contract assets as of December 31, 2023, came from the group's largest customer, up from 50% as of June 30, 2023[135] - The company reported that all trade receivables are expected to be collected within one year[179] - The company’s contract assets as of December 31, 2023, totaled approximately 10.580 million Ringgit, a decrease from 13.474 million Ringgit as of June 30, 2023[198] Business Operations and Strategy - The company is primarily engaged in offshore construction services, building and infrastructure services, and marine fuel trading, indicating a focus on these sectors for future growth[49] - The group will continue to monitor uncertainties and market developments to seize business opportunities in operating countries while optimizing its business model and actively participating in various tenders[147] - The group plans to implement appropriate business strategies to mitigate potential adverse impacts on operations, ensuring returns for shareholders[147] - The board believes that the current economic environment is not suitable for capital investments such as acquiring a modified transport vessel and purchasing new land-based machinery[156] Contracts and Future Prospects - The group has secured new contracts, including a modern 5-story courthouse complex in Johor with a total contract value of approximately 512.4 million Malaysian Ringgit, expected to enhance revenue and profitability[146] - The company has recently secured contracts worth approximately 145.9 million Ringgit for building and infrastructure projects and 366.5 million Ringgit for land reclamation and related engineering and marine transportation contracts, with work expected to commence in March 2024[168] - The board has decided to reallocate approximately 40.8 million Ringgit of unutilized net proceeds originally intended for the acquisition of a modified sand transport vessel and new land-based machinery to better align with the funding needs of the recently awarded contracts[169] Financial Governance and Compliance - The company has adopted and complied with all applicable provisions of the corporate governance code as of December 31, 2023[170] - The company’s financial strength is crucial for maintaining its competitive edge, as potential clients often assess the company's financial status when evaluating its ability to execute and complete contracts[169]
JBB Builders(01903) - 2024 - 中期业绩