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Financials Factsheets

Half Year Financials For the period ended 31 December 2020

Financials Archive

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Profit & Loss

Profit & Loss

Balance Sheet

Balance Sheet

Review of Performance

Income Statement

Revenue

Revenue had decreased from S$2.18 million to S$1.64 million. The decrease in revenue was mainly due to lower revenue generated from NGV related business, partially offset by an increase in revenue generated from trading related business, by the Singapore subsidiaries.

Gross Profit Margin

The Group's profit margin had increased from 30% to 32% mainly due to trading related business.

(Loss)/profit for the Period

The Group had a loss of S$0.19 million for the current financial period as compared to a profit of S$0.31 million for the previous financial period, due to other operating loss arising from foreign exchange loss, partially offset by a decrease in administrative expenses due to waiver of directors' remuneration.

Balance Sheet

Non-current assets

The Group's non-current assets had decreased from S$0.76 million as at 30 June 2020 to S$0.75 million as at 31 December 2020. The decrease was mainly due to depreciation of plant and equipment.

Current assets

The Group's current assets had decreased from S$3.04 million as at 30 June 2020 to S$2.93 million as at 31 December 2020. The decrease was mainly due to cash and bank balances.

Current liabilities

The Group's current liabilities decreased from S$1.98 million as at 30 June 2020 to S$0.89 million as at 31 December 2020. The decrease was mainly due to debt capitalisation of prior year directors' remuneration and loan from director and waiver of current year directors' remuneration.

Non-current liabilities

The Group's non-current liabilities had decreased by S$0.01 million as at 31 December 2020, as compared to 30 June 2020. The decrease was mainly due to repayment of lease liability.

Cash flow statement

The Group's cash and cash equivalents as at 31 December 2020 decreased by S$0.14 million to S$0.36 million as compared to the balance of S$0.50 million as at 31 December 2019. The decrease was mainly due to net cash used in operating, investing and financing activities.

Commentary

Management expects the operating business environment in the next 12 months to remain challenging due to global economic uncertainties as a result of the impact of the COVID-19 outbreak.

Our trading related business has benefited from the strong demand from the hard disk drive industries whereas our NGV related business remains challenging due to the impact of COVID-19 pandemic on the travel industry.

Despite the challenging market condition in which the businesses operate, the Group continues its focus on operational efficiency, cost control, cash conservation and ensuring sustainability of its existing businesses.


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