Premium Catering (Holdings) Limited (“PC” or the “Company”)
(Nasdaq: PC), a food caterer supplying prepared meals to foreign
workers in Singapore as well as operating food stalls and providing
buffet catering services, today announced its operating results for
the fiscal year ended June 30, 2024, with revenue of S$5,163,909
and a net loss of S$1,466,690.
The following table shows our statement of loss
data for the financial years ended June 30, 2023 and 2024. For
further information regarding the results of our operations, see
our financial statements appearing in our Annual Report filed with
the United States Securities and Exchange Commission.
|
|
Financial Years ended June
30, |
|
|
|
|
|
|
2023 |
|
2024 |
|
Change |
|
|
|
|
S$ |
|
S$ |
|
S$ |
|
|
Revenues, net |
|
|
5,213,810 |
|
|
|
5,163,909 |
|
|
|
(49,901 |
) |
|
|
(1.0 |
)% |
Cost of revenues |
|
|
(4,066,566 |
) |
|
|
(4,330,233 |
) |
|
|
(263,667 |
) |
|
|
6.5 |
% |
Gross
profit |
|
|
1,147,244 |
|
|
|
833,676 |
|
|
|
(313,568 |
) |
|
|
(27.3 |
)% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
|
(1,516,758 |
) |
|
|
(2,280,498 |
) |
|
|
(763,740 |
) |
|
|
50.4 |
% |
Selling and distribution |
|
|
(27,719 |
) |
|
|
(39,884 |
) |
|
|
(12,165 |
) |
|
|
43.9 |
% |
Total operating
expenses |
|
|
(1,544,477 |
) |
|
|
(2,320,382 |
) |
|
|
(775,905 |
) |
|
|
50.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(397,233 |
) |
|
|
(1,486,706 |
) |
|
|
(1,089,473 |
) |
|
|
274.3 |
% |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(134,430 |
) |
|
|
(165,151 |
) |
|
|
(30,721 |
) |
|
|
22.9 |
% |
Government grants |
|
|
22,270 |
|
|
|
29,305 |
|
|
|
7,035 |
|
|
|
31.6 |
% |
Other income |
|
|
67,648 |
|
|
|
157,675 |
|
|
|
90,027 |
|
|
|
133.1 |
% |
Total other (expenses)
/ income, net |
|
|
(44,512 |
) |
|
|
21,829 |
|
|
|
66,341 |
|
|
|
(149.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes |
|
|
(441,745 |
) |
|
|
(1,464,877 |
) |
|
|
(1,023,132 |
) |
|
|
231.6 |
% |
Income tax expense |
|
|
- |
|
|
|
(1,813 |
) |
|
|
(1,813 |
) |
|
|
(100.0 |
)% |
Net loss |
|
|
(441,745 |
) |
|
|
(1,466,690 |
) |
|
|
(1,024,945 |
) |
|
|
232.0 |
% |
Revenue
Overall, our total revenue decreased marginally
by approximately S$0.05 million or 1.0% to approximately S$5.16
million for the year ended June 30, 2024, from approximately S$5.21
million in June 30, 2023. The decrease was mainly due to the
decrease in revenue generated from supply of budget prepared meals
of approximately S$0.2 million, while partially offset by the
increase in revenue generated from new business operation of Food
Stall and buffet catering services totaling approximately S$0.1
million.
The decrease in revenue generated from the
supply of budget prepared meals of approximately S$0.2 million or
4.1% to approximately S$4.8 million for the year ended June 30,
2024 from approximately S$5.0 million in June 30, 2023 was mainly
due to the cessation of supplying budget prepared meals to
customers with lower margins. In conjunction with this, we set up
the Food Stall in a canteen of a dormitory (which has been
subsequently closed with plans for re-location), and also started
offering buffet catering services for private functions as well as
corporate and community events when the Singapore government lifted
most of the social gathering restrictions imposed as a result of
the COVID-19 pandemic.
Cost of Revenue
During the financial years ended June 30, 2023,
and 2024, our cost of revenue was mainly comprised of raw materials
costs, direct wages costs and packing material cost. For the years
ended June 30, 2023 and 2024, our cost of revenue amounted to
approximately S$4.1 million and S$4.3 million, respectively.
Gross profit and gross profit
margin
Our overall gross profit margins were
approximately 22.0 % and 16.1% for the year ended June 30, 2023 and
2024, respectively. Our total gross profit decrease during the year
ended June 30, 2024 mainly due to the increase in the prices of raw
materials.
General and administrative
expenses
Our general administrative expenses amounted to
approximately S$1.5 million and S$2.3 million for the financial
years ended June 30, 2023 and 2024, respectively. General
administration expense forms part of the fixed running cost of our
Company. In 2023, our Company expanded its production facilities
and moved into newly-leased premises in December 2022. The
newly-leased premises are a three-story building with a gross floor
area of approximately 26,905 square feet. The increase in the
operating lease expense of leasing the Central Kitchen and office
has resulted in an increase in general administrative expenses by
S$0.4 million for the year ended June 30, 2024.
Staff costs were mainly salaries, Central
Provident Fund contributions and bonuses to our employees,
primarily our corporate, executive, finance and other
administrative and procurement/logistic employees. There was an
increase in staff cost from the year ended June 30, 2023 to the
year ended June 30, 2024, mainly due to turnover of administrative
headcount and revision of key management’s salaries.
Operating lease expenses were mainly the
operating lease expenses of our Central Kitchen and office in Chin
Bee Avenue. Since December 2022, we moved from the two-unit rented
factory workshop at Food Xchange @ Admiralty with a total built up
area of 4,500 sq. ft. to 21 Chin Bee Avenue, which includes the
Central Kitchen, our head office and ancillary areas with a total
built up area of 26,905 sq. feet. This has resulted in the increase
in operating lease expenses for the year ended June 30, 2024, by
approximately S$0.4 million or 59.4%.
Depreciation expenses were charged on our
property and equipment which included (i) machine and equipment;
(ii) furniture and fittings; (iii) office equipment; (iv) motor
vehicles and (v) renovation expenses. For the year ended December
31, 2024, the decrease in depreciation is mainly due to the annual
depreciation expense.
Handling charges relate to fees to dormitory
operators for the logistical dissemination of packed meals to
foreign workers during the period of movement control under the
Circuit Breaker Measures due the COVID-19 pandemic. For the year
ended June 30, 2024, the decrease is mainly due to the end of this
movement control.
For the year ended June 30, 2023, write-off of
property and equipment is mainly the write-off of renovation costs
previously capitalized for our former Central Kitchen at Food
Xchange @ Admiralty after the relocation of Central Kitchen to Chin
Bee Avenue.
Legal and professional fees mainly represented
legal and consultancy and business advisory fees which were ad hoc
and mainly incurred for year ended June 30, 2024, and hence
resulted in increase in such expenses for the year ended June 30,
2024.
Other expenses were mainly comprised of rental
of machinery, rental of central kitchen and cleaning fee.
Net loss for the Year
As a result of the foregoing, our net loss
amounted to approximately S$0.4 million and S$1.5 million for the
years ended June 30, 2023, and 2024,
respectively.
About Premium Catering (Holdings)
Limited
Premium Catering (Holdings) Limited is a
certified Halal food caterer specializing in Indian, Bangladesh and
Chinese cuisine and has over 11 years of experience in the catering
services industry in Singapore. The Group primarily supplies budget
prepared meals to foreign construction workers in Singapore. In
addition, the Group operates food stalls and provides buffet
catering services for private functions as well as ancillary
delivery services. Since 2019, the Group has introduced smart
incubators where prepared meals are placed in them for collection
by the customer. The smart incubators are the Company’s custom-made
compartmentalized, heated and insulated food vending lockers which
are used to deliver budget prepared meals to customers in a
secured, hygienic, contactless manner at a pre-set temperature.
Safe Harbor Statement
To the extent that this press release may
contain forward-looking statements that reflect our current
expectations and views of future events, there are known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. These forward-looking statements involve various risks
and uncertainties. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events. We qualify all of
our forward-looking statements by these cautionary statements.
Contact:
Sarah LohThe Chief Financial OfficerTelephone +65-6355
9488IR@premium-catering.com.sg
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