Financial Performance - For the six months ended August 31, 2023, the company reported revenue of SGD 60,652,000, a 53.3% increase from SGD 39,585,000 in the same period of 2022[7] - Gross profit for the same period was SGD 7,562,000, up 12.9% from SGD 6,695,000 year-over-year[7] - The company achieved a profit before tax of SGD 3,447,000, representing a 28.7% increase compared to SGD 2,677,000 in the prior year[7] - Net profit for the period was SGD 2,793,000, an increase of 25.3% from SGD 2,230,000 in the previous year[7] - Total comprehensive income for the period amounted to SGD 2,810,000, compared to SGD 2,473,000 in the same period last year, reflecting a 13.6% increase[7] - Total revenue from customer contracts for the six months ended August 31, 2023, was 60,652 thousand SGD, an increase of 53.3% compared to 39,585 thousand SGD in the same period of 2022[25] - The group's profit for the period was approximately 2,793,000 SGD, an increase from 2,230,000 SGD for the six months ended August 31, 2022, representing a growth of about 25.4%[97] Assets and Equity - The company's total assets increased to SGD 83,069,000 as of August 31, 2023, up from SGD 77,532,000 as of February 28, 2023[10] - Current assets totaled SGD 58,687,000, a slight increase from SGD 57,171,000 in the previous reporting period[10] - The company's total equity rose to SGD 52,486,000, compared to SGD 49,676,000 at the end of the previous reporting period[10] - The total contract assets as of August 31, 2023, amount to 34,223,000 SGD, up from 29,306,000 SGD as of February 28, 2023, representing an increase of 16.9%[49] - The investment properties' net book value as of August 31, 2023, is 4,400,000 SGD, slightly down from 4,466,000 SGD as of February 28, 2023, showing a decrease of 1.5%[45] Cash Flow and Expenses - The company experienced a significant decrease in operating cash flow, reporting a net cash outflow of 2,063 thousand SGD for the period, compared to an inflow of 8,406 thousand SGD in the previous year[14] - Cash and cash equivalents at the end of the period were 6,711 thousand SGD, down from 17,034 thousand SGD at the end of the same period in 2022, indicating a decrease of approximately 60.7%[14] - The company reported a net cash outflow from investing activities of 1,098 thousand SGD, compared to an outflow of 706 thousand SGD in the previous year[14] - Total employee benefits expenses, including salaries and bonuses, are 2,412 thousand SGD for the six months ended August 31, 2023, slightly down from 2,544 thousand SGD in 2022[31] - Employee costs totaled approximately 9.1 million SGD for the six months ended August 31, 2023, compared to 7.7 million SGD for the same period in 2022, marking an increase of about 18.2%[111] Revenue Recognition and Contracts - Expected revenue recognition amount within one year is 142,135 thousand SGD for 2023, a significant increase from 41,340 thousand SGD in 2022, representing a growth of 243%[27] - Major customer B contributed 6,837 thousand SGD to revenue, an increase from 5,188 thousand SGD in the previous year, while customer T generated 25,381 thousand SGD in revenue, marking a new contribution[23] - The company recognized revenue of 4,342,000 SGD from contract liabilities during the period, compared to 2,500,000 SGD recognized in the previous year[55] - The company has a total of 32 ongoing projects as of August 31, 2023, with a total contract value of approximately 328 million SGD, of which about 176 million SGD has been recognized as revenue[85] Tax and Other Income - Total tax expense for the six months ended August 31, 2023, is 654 thousand SGD, an increase of 46% from 447 thousand SGD in 2022[36] - Total other income for the six months ended August 31, 2023, is 549 thousand SGD, down 62% from 1,453 thousand SGD in 2022[29] - Interest income for the six months ended August 31, 2023, is 382 thousand SGD, significantly up from 77 thousand SGD in 2022, marking a growth of 396%[29] Shareholder Structure and Governance - As of August 31, 2023, CTR Holdings Limited has a total issued share capital of 1,050,000,000 shares, with major shareholders holding 75% of the equity[114] - Mr. Xu Xuping and Mr. Xu Tiansheng each hold 1,050,000,000 shares, representing 75% of the total issued share capital through their controlled entity, Brave Ocean Limited[114] - The company has established a consensus mechanism among its major shareholders for decision-making on significant matters[120] - The company has adhered to the corporate governance code as per the Stock Exchange Listing Rules, with the exception of the role distinction between the Chairman and CEO, which is held by the same individual, Xu Xuping[127] Operational Insights - The company is focusing on improving efficiency and productivity to manage rising construction costs due to inflation[86] - The company has not declared any dividends for the six months ended August 31, 2023, or for the previous period[83] - The company has not reported any significant new product developments or market expansions during this period[22]
CTR HOLDINGS(01416) - 2024 - 中期财报