Financial Performance - Total revenue for the six months ended December 31, 2023, was RM 64.699 million, a decrease from RM 301.962 million in the same period last year[25]. - Gross profit for the period was RM 2.632 million, down from RM 12.240 million year-over-year[25]. - The net loss for the period was RM 10.566 million, compared to a profit of RM 4.660 million in the previous year[25]. - Administrative expenses increased to RM 10.403 million from RM 9.853 million year-over-year[25]. - The company reported a decrease in other income and gains, which fell to RM (182) million from RM 2.480 million in the previous year[25]. - The cost of sales for the period was RM (62.067) million, down from RM (289.722) million year-over-year[25]. - Total comprehensive loss for the period was (9,882) thousand MYR, compared to a profit of 860 thousand MYR in the same period of 2022[62]. - Basic and diluted loss per share was (1.01) sen, compared to earnings of 0.24 sen in the previous year[62]. - The earnings attributable to the company's owners showed a loss of approximately 10.1 million MYR, compared to a profit of about 2.4 million MYR in the previous period[192]. Cash Flow and Liquidity - Net cash used in operating activities for the six months ended December 31, 2023, was (7,888) thousand MYR, an improvement from (25,785) thousand MYR in the same period of 2022[44]. - Cash and cash equivalents decreased by (10,633) thousand MYR, compared to a decrease of (27,412) thousand MYR in the previous year[54]. - Cash generated from financing activities was (2,709) thousand MYR, down from (3,691) thousand MYR in the previous year[44]. - The company reported a net cash outflow from investing activities of (36) thousand MYR, a significant decrease from cash inflow of 2,064 thousand MYR in the same period of 2022[44]. - The company’s cash and cash equivalents at the end of the period were 35,581 thousand MYR, down from 45,370 thousand MYR in the previous year[54]. Assets and Liabilities - The company's total assets amounted to 181,636 thousand MYR, compared to 179,150 thousand MYR as of June 30, 2023[68]. - Trade and other payables increased to 46,807 thousand MYR from 36,271 thousand MYR in the previous period[69]. - The company’s non-current assets decreased to 16,723 thousand MYR from 18,552 thousand MYR[67]. - The group reported a net asset value of 134,584,000 MYR as of December 31, 2023, compared to 144,466,000 MYR as of June 30, 2023, indicating a decrease of approximately 6%[98]. - Total trade payables amounted to 39,318,000 MYR as of December 31, 2023, up from 27,654,000 MYR as of June 30, 2023, reflecting an increase of about 42%[146]. - The aging analysis of trade payables shows that 30 days overdue payables were 23,481,000 MYR as of December 31, 2023, compared to 11,600,000 MYR as of June 30, 2023, indicating a significant increase in overdue amounts[153]. Segment Performance - The group has five reportable segments, including civil and structural engineering, and oil and related products trading, which are monitored separately for performance evaluation[108]. - Revenue from civil and structural engineering in Malaysia increased by approximately 36.5% from about 23.3 million MYR to approximately 31.8 million MYR during the period[200]. - The contribution of civil and structural engineering and oil-related product trade to total revenue was approximately 91.8% and 8.2%, respectively, compared to 13.1% and 86.9% in the previous year[196]. - The revenue from civil engineering projects accounted for approximately 90.6% of total revenue, while site preparation projects contributed about 9.4%[194]. - The company reported a significant decrease in earnings from oil and related products trade due to a weak economic environment in China and declining demand[197]. Challenges and Future Outlook - The company faced multiple challenges during the period, including inflationary pressures and intense competition for contract awards[200]. - The company has adopted a prudent approach in light of market weakness and the need for substantial capital for international oil trade and new business development[197]. - The company did not provide specific guidance for future performance during the call[17]. - There were no new product launches or significant market expansion strategies discussed in the conference call[17]. - The group plans to adopt revised International Financial Reporting Standards effective from January 1, 2024, which may impact future financial statements[104]. Provisions and Impairments - The company experienced a significant decline in trade receivables and contract asset impairment losses, which amounted to RM (1.951) million compared to RM (90) million in the previous year[25]. - The group recognized a provision for expected credit losses of 1,479,000 MYR on trade receivables during the period, compared to 576,000 MYR in the previous year, representing a significant increase in provisions[148]. - The group has implemented simplified methods for expected credit loss provisions in accordance with IFRS 9, with a net provision of 508,000 MYR on contract assets during the period[152]. Management Compensation - The total compensation for key management personnel increased from 1,568 thousand MYR to 1,930 thousand MYR during the period[181]. - The company did not recognize any equity-settled share-based payment expenses during the period, consistent with the previous year[176].
TBKS HLDGS(01960) - 2024 - 中期财报