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Full Year Financial Statement For The Period Ended 30 June 2018

Financials Archive

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Profit & Loss

Profit & Loss FY2018

Balance Sheet

Balance Sheet FY2018

Review of Performance

Income Statement

Revenue

The Group's revenue increased from S$4.15 million for the financial year ended 30 June 2017 ("FY 2017") to S$4.59 million for the financial year ended 30 June 2018 ("FY 2018"). The increase in revenue was due to higher revenue generated from NGV related business by the Singapore subsidiary.

Gross Profit Margin

The Group's gross profit margin reduced from 33% to 31%. The decrease was mainly due to NGV related business contributing a lower gross profit margin to the Group.

Loss for the Year

The Group had a loss of S$0.65 million for FY 2018 as compared to a profit from continuing operations of S$0.19 million for FY 2017. The loss was mainly due to the following reasons:

  1. Increase in Administrative Expenses
    The Group administrative expenses increased from S$1.74 million for FY 2017 to S$2.22 million for FY 2018, mainly due to non-cash bonus pursuant to the issuance of settlement shares and employees bonus shares and remuneration paid to directors of the Group.
  2. Decrease in Other Operating Income, net
    The Group had a net other operating income of S$0.21 million for FY 2018 as compared to S$0.59 million for FY 2017. The decrease were mainly due to lower unrealised exchange gain arising from recorded monetary balances denominated in foreign currencies in the current financial year, write-back of payables that have expired and loss on fair value adjustment of investment properties.

Balance Sheet

Non-current assets

The Group's non-current assets decreased from S$1.80 million as at 30 June 2017 to S$0.73 million as at 30 June 2018. The decrease was mainly due to re-classification of development properties in current assets offset by investment properties.

Current assets

The Group's current assets increased from S$2.21 million as at 30 June 2017 to S$3.19 million as at 30 June 2018. The increase was mainly due to development properties recognised in current assets and increase in trade and other receivables offset by the decrease in cash and cash equivalent.

Current liabilities

The Group's current liabilities increased from S$1.97 million as at 30 June 2017 to S$2.17 million as at 30 June 2018. The increase was mainly due to trade and other payables.

Non-current liabilities

The Group's non-current liabilities decreased from S$0.08 million as at 30 June 2017 to S$0.04 million as at 30 June 2018. The decrease was mainly due to the repayment of obligations under finance lease.

Cash flow statement

The Group's cash and cash equivalents as at 30 June 2018 decreased by S$0.76 million to S$0.53 million as compared to the balance of S$1.29 million as at 30 June 2017. The decrease was mainly due to net cash used in investing activities due to purchase of investment properties.

Commentary

Management expects the operating business environment in the next 12 months to remain challenging, due to pricing pressure from customers and rising operational costs. However, the management remains focused to enhance its operational efficiency and monitor its operating expenses in the face of economy uncertainties, to enhance the profitability of the Group's existing businesses.

The Management remains cautious of unexpected economic upheavals in the global economy which may adversely affect the Company and will continue to focus on restructuring and consolidating its existing business, without any major capital expenditures.