11-11-2020, 04:17 PM
FINANCIAL UPDATE FOR 3RD QUARTER & YTD SEP 2020, go read! 
• The 3Q 2020 results were still
impacted by the effects of COVID19 but have gradually improved in
the post Circuit Breaker period
and were also mitigated by the
Government Reliefs.
• The Group has returned to
profitability in 3Q 2020 as
compared to a loss in 2Q 2020
before Government Reliefs.
• Strong and resilient balance sheet
• Healthy cash balance of $89.2
million
• CAPEX incurred mainly on the
progressive payments for
“Additions & Alterations” works at
the new premise in Bukit Batok
with deferring of non-essential
CAPEX to conserve cash
• Net cash generated of $8.4 million
during 3Q 2020
Quarter on Quarter 2020
Q1 2020 – Performance normal and not impacted by COVID-19;
Q2 2020 – Performance impacted by effects of COVID-19 and Circuit Breaker.
The Group would have incurred an operating loss of $1.3 million if Government Reliefs of $3.8 million was
excluded.
Q3 2020 - Performance improved after exiting from Circuit Breaker on 2 June 2020
The Group’s operating profit was $6.2 million if the Government Reliefs of $2.1 million was excluded.
3Q 2020 versus 3Q19
• Revenue ↓$4.2 million – Lower revenue mainly from lower business volumes affected by the impact of COVID-19.
• Operating Costs ↓$3.9 million – Contributed by COVID-19 Government reliefs of $2.1 million in Jobs Support Scheme, waiver and rebates of
Foreign Worker Levy and lower operating costs of $1.9 million. The decrease in operating cost mainly from lower staff costs and other
variable cost in tandem with lower revenue.
• Operating Profit ↓$0.3 million – Lower revenue offset COVID-19 Government reliefs and lower operating cost.
• PATMI ↓$0.3 million – As a result of the above and lower interest income offset by lower tax expenses.
YTD Sep 2020 versus YTD Sep 2019
• Revenue ↓$15.5 million – Lower revenue mainly from lower business volumes affected by the impact of COVID-19.
• Operating Costs ↓$9.8 million – Contributed by COVID-19 Government reliefs of $5.9 million in Jobs Support Scheme, waiver and rebates of
Foreign Worker Levy and lower operating costs of $3.9 million. The decrease in operating cost mainly from lower staff costs and other
variable cost in tandem with lower revenue.
• Operating Profit ↓$5.6 million – Lower revenue offset by COVID-19 Government reliefs and lower operating cost.
• PATMI ↓$4.5 million – As a result of the above and lower interest income offset by lower tax expenses.
In summary, the results for 3Q 2020 and YTD Sep 2020 were impacted by the effects of COVID-19 but mitigated by the Government Reliefs
mainly from the Jobs Support Scheme as well as waiver and rebates on Foreign Worker Levy and lower operating cost.
• The 3Q 2020 results were still
impacted by the effects of COVID19 but have gradually improved in
the post Circuit Breaker period
and were also mitigated by the
Government Reliefs.
• The Group has returned to
profitability in 3Q 2020 as
compared to a loss in 2Q 2020
before Government Reliefs.
• Strong and resilient balance sheet
• Healthy cash balance of $89.2
million
• CAPEX incurred mainly on the
progressive payments for
“Additions & Alterations” works at
the new premise in Bukit Batok
with deferring of non-essential
CAPEX to conserve cash
• Net cash generated of $8.4 million
during 3Q 2020
Quarter on Quarter 2020
Q1 2020 – Performance normal and not impacted by COVID-19;
Q2 2020 – Performance impacted by effects of COVID-19 and Circuit Breaker.
The Group would have incurred an operating loss of $1.3 million if Government Reliefs of $3.8 million was
excluded.
Q3 2020 - Performance improved after exiting from Circuit Breaker on 2 June 2020
The Group’s operating profit was $6.2 million if the Government Reliefs of $2.1 million was excluded.
3Q 2020 versus 3Q19
• Revenue ↓$4.2 million – Lower revenue mainly from lower business volumes affected by the impact of COVID-19.
• Operating Costs ↓$3.9 million – Contributed by COVID-19 Government reliefs of $2.1 million in Jobs Support Scheme, waiver and rebates of
Foreign Worker Levy and lower operating costs of $1.9 million. The decrease in operating cost mainly from lower staff costs and other
variable cost in tandem with lower revenue.
• Operating Profit ↓$0.3 million – Lower revenue offset COVID-19 Government reliefs and lower operating cost.
• PATMI ↓$0.3 million – As a result of the above and lower interest income offset by lower tax expenses.
YTD Sep 2020 versus YTD Sep 2019
• Revenue ↓$15.5 million – Lower revenue mainly from lower business volumes affected by the impact of COVID-19.
• Operating Costs ↓$9.8 million – Contributed by COVID-19 Government reliefs of $5.9 million in Jobs Support Scheme, waiver and rebates of
Foreign Worker Levy and lower operating costs of $3.9 million. The decrease in operating cost mainly from lower staff costs and other
variable cost in tandem with lower revenue.
• Operating Profit ↓$5.6 million – Lower revenue offset by COVID-19 Government reliefs and lower operating cost.
• PATMI ↓$4.5 million – As a result of the above and lower interest income offset by lower tax expenses.
In summary, the results for 3Q 2020 and YTD Sep 2020 were impacted by the effects of COVID-19 but mitigated by the Government Reliefs
mainly from the Jobs Support Scheme as well as waiver and rebates on Foreign Worker Levy and lower operating cost.