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Unaudited Financial Statements for the 1st Quarter Ended 30 September 2017

Financials Archive

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Profit and Loss Statements

Profit and Loss

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Balance sheet

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Review of Performance

First quarter ended 30 September 2017 ("1Q18") vs first quarter ended 30 September 2016 ("1Q17")

Group revenue of USD 84.69 million was 50.4% higher than USD 56.31 million in 1Q17. This was attributable to a substantial increase in electronics manufacturing services and property revenue.

Profit after tax of USD 4.44 million was significantly higher than 1Q17 of USD 2.24 million. Profit contribution from electronics manufacturing services had risen on the back of increased sales volume as a result of stronger customer demand. Results were also boosted by sales settlement during the current quarter of Concerto apartment units which were completed in 4Q17, in addition to ongoing sales of Unison on Tenth apartment units. The increase in profit contribution more than offset a reduced increase in fair values of investment securities and derivative financial instruments and higher provision for staff cost in the current quarter.

Other expenses were lower due to an absence of restructuring cost provision in the current quarter. Other gains of USD 0.69 million comprised foreign exchange gain on the back of stronger Australian dollar against US dollar. Finance cost related to a leveraged unquoted fund investment.

Earnings per share was US cents 0.37, higher than US cents 0.20 in 1Q17.

Share of results of associate

Share of results of associate recorded a loss of USD 0.27 million. This comprised share of Pacific Star Development Limited's results for the current quarter. Share of Finbar Group Limited's results was not recorded in 1Q18 as its financial results are only available for periods ended 31 December and 30 June when the related announcements are made on the Australian Stock Exchange.

Review of financial position and cash flow

As at 30 September 2017, the Group continued to be in a healthy position. Net assets attributable to equity holders of the Company increased by 2.1% to USD 301.50 million. The increase was mainly attributable to accumulated profits in 1Q18, and foreign currency translation gain from the strengthening of Australian and Singapore dollars against US dollar in the current quarter.

Cash and cash equivalents had decreased 8.8% to USD 93.58 million from the previous year end. This was due to funds utilized in operating and investing activities during the current period.

Group total assets of USD 457.78 million as at 30 September 2017 had increased by 2.6% or USD 11.45 million from 30 June 2017. Increase in non-current assets of USD 2.01 million was mainly due to additions in plant and equipment and an increase in other receivables due to interest accrued on property development loan. The increase in current assets of USD 9.44 million stemmed from higher levels of inventory and trade receivables in relation to the electronics manufacturing services business segment, in addition to reinvestment in equities during 1Q18.

Group total liabilities of USD 134.82 million as at 30 September 2017 had increased by 3.3% or USD 4.28 million from 30 June 2017, due to an increase in trade and other payables in relation to the electronics manufacturing services business segment.

Net asset value per share was US cents 32.48, higher than US cents 31.82 as at 30 June 2017.

Commentary

The Group's performance improved in the current period with the continuing pickup in global economic growth. The directors remain cautiously optimistic given the geopolitical uncertainties, and will continue to exercise prudence when considering new investments.

Save as disclosed herein, there are no known material factors or events which may affect the earnings of the Group between this date up to which the report refers and the date on which the report is issued.