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Unaudited Financial Statements for the Year Ended 30 June 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

Year ended 30 June 2019 ("FY2019") vs year ended 30 June 2018 ("FY2018")

Profit after tax of USD 46.65 million was higher than FY2018. Excluding profit from discontinued operation, the Group recorded a net loss of USD 26.36 million mainly due to share of losses of an associate.

On 29 April 2019, the Group completed the sale of its electronics manufacturing services business to Pagani Holding III Limited effected by way of a scheme of arrangement, pursuant which the Group sold its entire electronics manufacturing services business, 76.70% interest in a subsidiary company, PCI Limited, for approximately USD 149.13 million. The gain on disposal and profit for the year from the discontinued operation amounted to USD 73.00 million.

Group revenue of USD 18.29 million was 67.7% lower than FY2018. This was attributable to decrease in revenue from property sales. Property development expense of USD 12.54 million related to Concerto and remaining Unison on Tenth apartment units that were sold and settled during the year.

Fair value loss on investment properties mainly related to write-off of transaction costs incurred on the acquisition of the office floor at The Central. Fair value gain on financial investments of USD 3.76 million was recorded in the current period, compared to a fair value loss in FY2018. Employee benefits expense of USD 11.09 million had increased due to higher salary costs and related provision. Finance costs mainly related to investments in leveraged bond funds and acquisition of investment properties.

For continuing operations, loss per share was US cents 2.84, as compared to loss per share of US cents 0.10 in FY2018. For discontinued operation, earnings per share was US cents 7.64, compared to earnings per share of US cents 1.51 in FY2018.

Share of results of associates

Share of results of associates recorded a net loss of USD 19.85 million in the current year compared to a net loss of USD 0.05 million in FY2018, mainly due to share of losses from Pacific Star Development Limited ("PSDL") of USD 5.76 million, write-down of fair value uplift of PSDL's development properties of USD15.74 million and lower profit contribution from Finbar Group Limited.

Review of financial position and cash flow

As at 30 June 2019, the Group continued to be in a healthy position. Net assets attributable to equity holders of the Company decreased by 5.6% to USD 269.41 million. Cash and cash equivalents increased by 6.6% to USD 124.64 million. Net cash inflow from operating and investing activities of USD 11.68 million and USD 74.28 million respectively were partially applied to dividend payment and bank loans repayment during the year.

Group total assets of USD 288.72 million as at 30 June 2019 was 28.8% lower than USD 405.36 million as at 30 June 2018. Non-current assets of USD 116.05 million had decreased by 18.4% due to decrease in plant and equipment and prepaid lease payments following the disposal of PCI Limited as a subsidiary. The increase in investment properties was due to the completion of acquisition of the office floor at The Central in April 2019. Current assets had decreased by USD 90.51 million to USD 172.67 million due to lower stock held of Concerto apartment units, and lower trade and other receivables and nil inventory following the disposal of PCI Limited.

Group total liabilities of USD 19.31 million was 80.0% lower than USD 96.59 million as at 30 June 2018. This was mainly due to decrease in trade and other payables following the disposal of PCI Limited, lower accrual of property development costs, as well as repayment of bank loans.

The Group's net asset value per share was US cents 29.02, as compared to US cents 30.73 as at 30 June 2018.

Commentary

The Group maintains a cautious business outlook given the uncertainties with the ongoing US-China trade conflict, which may increase volatility of financial markets.

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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