Business
PREMIUM CATERING (HOLDINGS) LIMITED ANNOUNCES YEAR END FINANCIAL RESULTS
SINGAPORE, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Premium Catering (Holdings) Limited (“PC” or the “Company”) (Nasdaq: PC), a food caterer supplying prepared meals
About this update from Premium Catering (holdings) Limited
[{"type":"text","content":"SINGAPORE, Nov. 13, 2024 (GLOBE NEWSWIRE) -- 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...