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financials

Unaudited Financial Statements for the 3rd Quarter and Nine Months Ended 31 March 2019

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

Third quarter ended 31 March 2019 ("3Q19") vs third quarter ended 31 March 2018 ("3Q18")

Group revenue of USD 61.21 million was 27.1% lower than USD 83.97 million in 3Q18. This was attributable to decrease in revenue from electronics manufacturing services and property sales.

Profit after tax of USD 3.89 million was higher than 3Q18 of USD 1.95 million. This was mainly due to lower employee benefits expense in 3Q19, and fair value gain on financial investments of USD 1.99 million as compared to fair value loss on financial investments in 3Q18, partially offset by lower profit contributions from electronics manufacturing services and property sales.

Other comprehensive income of USD 1.13 million comprised foreign exchange translation gains that resulted from the appreciation of Singapore dollar and Australian dollar against US dollar in 3Q19, and fair value gain on financial assets measured at fair value through other comprehensive income.

Earnings per share in 3Q19 was US cents 0.35, higher than US cents 0.11 in 3Q18.

Share of results of associates

Share of results of associates recorded a loss of USD 0.61 million in 3Q19. This related to share of Finbar Group Limited's profit for half year ended 31 December 2018 and share of Pacific Star Development Limited's loss for the current quarter coupled with amortization of fair valuation uplift of the Puteri Cove development.

Nine months ended 31 March 2019 ("9M19") vs nine months ended 31 March 2018 ("9M18")

Group revenue of USD 174.32 million was 34.0% lower than USD 264.20 million in 9M18. Revenue from electronics manufacturing services declined by 28.9%. Revenue from property sales also declined as fewer Concerto units were sold in the current period and Unison on Tenth project was fully sold and settled in 1Q19.

Profit after tax of USD 6.66 million was 30.9% lower than USD 9.63 million in 9M18, mainly due to lower profit contribution from electronics manufacturing services and property sales. This was however mitigated by lower fair value loss on financial investments and lower employee benefits expense in 9M19.

Other comprehensive income of USD 3.14 million was mainly attributable to foreign currency translation loss of USD 2.03 million, resulting from a weaker Australian dollar against US dollar in the current period, and fair value loss on financial assets measured at fair value through other comprehensive income.

Earnings per share in 9M19 was US cents 0.50, lower than US cents 0.73 in 9M18.

Review of financial position and cash flow

As at 31 March 2019, the Group continued to be in a healthy position. Net assets attributable to equity holders of the Company amounted to USD 291.94 million, as compared to USD 285.59 million as at 30 June 2018. The increase was mainly attributable to profit for the period, increase in fair valuation through other comprehensive income reserve arising from the adoption of SFRS(I) 9, partially offset by foreign exchange translation losses and payment of final dividend in respect of financial year 2018.

Group total assets of USD 387.36 million as at 31 March 2019 had decreased by USD 18.29 million from 30 June 2018. There was a decrease in non-current assets of USD 9.60 million as investment securities were reduced by disposal of unquoted fund investments which was partially offset by fair value uplift on investments arising from the adoption of SFRS(I) 9, and investment in associates was decreased from the weakening of Australian dollar against US dollar and dividends received from an associate.

Current assets had decreased by USD 8.70 million, mainly due to lower stock held of Concerto apartment units and reduced cash balance due to repayment of bank loans and FY2018 dividend payment. This was partially offset by increase in trade and other receivables.

Group total liabilities of USD 71.65 million as at 31 March 2019 had decreased by 25.8% from 30 June 2018. This was mainly due to decrease in trade and other payables of USD 14.57 million related to lower accrual of property development costs and decrease in electronics manufacturing services' trade and other payables, as well as repayment of bank loans.

Net asset value per share was US cents 31.45, as compared to US cents 30.77 as at 30 June 2018.

Commentary

The Company has disposed ("Disposal") of all of its shares in PCI Limited ("PCI") to Pagani Holding III Limited (the "Offeror") in connection with the acquisition by the Offeror of all the issued shares in PCI which was effected by way of a scheme of arrangement ("Scheme"), following the Scheme becoming effective and binding in accordance with its terms on 29 April 2019. The Company's shareholders had ratified the Disposal at the extraordinary general meeting held on 12 April 2019.

The directors 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.


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