Singapore-based workforce solutions provider Singasia Holdings (8293: HKG) reported revenue of SGD 4.38 million (USD 3.29 million) for the three months ended 31 October 2023, representing a decrease of 8.6% when compared with the prior year. The group posted results on 12 December 2023.

The drop in revenue was principally due to the decrease in revenue from manpower outsourcing services and no revenue was generated from manpower recruitment services for the three months ended 31 October 2023.

The group recorded an unaudited loss of approximately SGD 800 (USD 601) for the three months ended 31 October 2023, compared with the unaudited loss of the group of approximately SGD 1,000 (USD 751) for the three months ended 31 October 2022.

Revenue from the manpower outsourcing services decreased by 7.8% from approximately SGD 4,759,000 (USD 3,577,435) for the three months ended 31 October 2022 to approximately SGD 4,384,000 (USD 3,295,540) for the three months ended 31 October 2023. The drop in revenue from manpower outsourcing services was mainly attributable to the decrease in demand for services from the group’s existing customers.

Looking ahead, the group will continue to deepen its relationships with existing customers and seek new business opportunities with new customers. The group will also proactively seek opportunities to expand its market share and implement new business strategies to remain competitive in the market.

Singasia shares closed on 12 December at HKD 0.19 (USD 0.02), no change on the day. The company has a market cap of HKD 10.16 million (USD 1.30 million).