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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.
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.
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:
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.
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.
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.
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.
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.
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.