Singapore-based workforce solutions provider Singasia Holdings (8293: HKG) reported revenue today of SGD 890,494 (USD 671,788) for the three months ended 31 October 2020, representing a decrease of 83.5% when compared with the three months ended 31 October 2019.

The decrease in revenue is mainly attributable to lower revenue generated from manpower outsourcing services, according to the group. However, the group’s revenue from all three business segments decreased during the three months ended 31 October 2020 which mainly resulted from the sustained impact of the outbreak of the Covid-19 virus.

Singasia also reported lower administrative expenses during the quarter as it had embarked on cost-savings measures in response to the Covid-19.

The group is principally engaged in the provision of manpower outsourcing, recruitment and training services in the Singapore. Revenue from contracts with customers is stated below.

Customers from manpower outsourcing services are mostly from the hospitality sector, which is one of the industries that is most severely affected by the Covid-19 pandemic. Singasia delivers solutions for companies and organisations looking to streamline their operations in hotels, resorts, retail, food & beverage and other (educational institutions, event organisers, and various industries) sector.

Looking ahead, the group expects business conditions to remain uncertain. The Group’s priority is to ensure there is adequate liquidity to sustain operations and to ride through this crisis. The Group will continue to review and improve its business model to increase resilience and protect the interest of all its stakeholders.

Shares in Singasia Holdings closed today at HKD 0.091 (USD 0.012), up 8.33% on the day and 20.87% below its 52-week high of HKD 0.115 (USD 0.015), set on 23 November 2020. The company has a market cap of HKD 126.0 million (USD 16.2 million).